Oral Contracts

Name Instructor Course Date Oral Contracts Despite the increasing acceptance of oral contracts as legally binding agreements, they should not be enforceable in certain situations. It is essential to note that the Statute of Frauds concept necessitates specific forms of contracts such as loans exceeding $100,000 to be put in writing for them to be regarded as enforceable (Krauja 2). Other circumstances that demand the use of written contracts include leases exceeding one year, lifetime agreements, and the sale of merchandise for $500 and beyond (Krauja 2). The general rule about conventions is that important transactions or commitments should be in a written form to guarantee their...