Contracts are a fundamental aspect of business transactions, and they serve to ensure that all parties involved understand their respective duties and obligations. An essential aspect of contracts is their form, which typically requires that they be in writing to be enforceable. However, some contracts do not require a written agreement to be valid. In this article, we will examine which of the following contracts are not required to be in writing, as found on quizlet.
1. Oral Contracts:
Oral contracts, also known as verbal contracts, are those that are not in writing. Such contracts are still legally binding, provided that the essential terms of the agreement are verbalized and can be proved in court. However, the challenge with oral contracts is that it can be challenging to prove their existence and terms, so it`s advisable to have a written contract.
2. Implied Contracts:
Implied contracts are those that are not explicitly stated in writing or verbally. These contracts arise due to the conduct and actions of the parties involved and are still binding despite not being in writing.
3. Unilateral Contracts:
Unilateral contracts are those in which one party promises to perform a task or service, and the other party accepts the promise by performing the requested task or service. This type of contract does not require a written agreement since the acceptance of the offer is evidenced by the performance of the requested task or service.
4. Contracts with Minor Value:
Contracts with minimal value are those that do not require a significant investment of money or other resources, and they typically don`t have significant legal implications. Such contracts can be made orally or written, and they are still legally binding.
In conclusion, although most contracts require a written agreement to be enforceable, some contracts do not require it. These contracts include oral, implied, unilateral, and contracts with minor value. However, it`s advisable to have a written contract for any transaction to ensure that all parties agree on the terms and to avoid any misunderstandings that can lead to legal disputes.