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Oral Contract

Oral Contract Definition

Oral Contract is an agreement between parties that is made with spoken words and either no writing or only partially written. An oral contract is just as valid as a written agreement unless its subject matter comes within the statute of frauds that requires certain contracts to be in writing. Contracts to sell real property must be in writing to comply with the statute. An oral contract to sell personal property for an amount less than a specific limit is enforceable without writing.

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