A parol agreement is a legally binding contract between two or more individuals that establishes obligations that can be enforced by law, whether it is in written or verbal form. The term “contract” can refer to either the agreement or the written record of it. A contract is a commitment or series of commitments that the law acknowledges as a responsibility, and if one party fails to fulfil their obligations, the law can offer a solution.
A parol contract, also known as an oral contract, is a legally binding agreement between two or more parties that is made through spoken words rather than in writing. This type of contract can be enforced by law, even without a written agreement. For instance, if you agree to sell your car to your friend for $5,000 and your friend agrees to pay you the amount, this constitutes a parol contract. Similarly, if you hire a plumber to fix your sink and agree to pay them $100 for their services, and both parties fulfil their obligations, this also falls under the category of a parol contract. These examples demonstrate that a parol contract can be valid and enforceable without a written agreement. However, it is important to note that certain types of contracts, such as those involving real estate or high-value goods, must be in writing to be legally enforceable.
A parol contract is an oral or verbal agreement between parties that is not written down or documented.
Yes, parol contracts can be legally enforceable, but they are subject to certain limitations and requirements.
In general, parol contracts are enforceable unless they fall within the Statute of Frauds, which requires certain types of contracts to be in writing to be enforceable.
The Statute of Frauds typically covers contracts for the sale of land, contracts that cannot be performed within one year, contracts for the sale of goods over a certain value, and contracts in consideration of marriage.
No, if a parol contract falls within the Statute of Frauds, it generally cannot be enforced unless it is in writing and signed by the party against whom enforcement is sought.
Yes, a parol contract can be modified or amended orally, unless the original contract or applicable law requires modifications to be in writing.
Yes, a parol contract can be proven in court through oral testimony and other forms of evidence, such as emails, text messages, or witness statements.
If there is a dispute over the terms of a parol contract, the court will typically look at the intent of the parties and any evidence of the agreement to determine the terms.
Yes, a parol contract can be rescinded or canceled by mutual agreement of the parties, or if one party can prove that the contract was entered into under duress, fraud, or mistake.
If one party denies the existence of a parol contract, the court will consider the evidence presented by both parties to determine whether a valid contract was formed.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 17th April 2024.
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