Full question:
A pre trial hearing was set, I was the defendant in this case. The plaintiff was trying to get money back from me, for money he gave me as a down payment on a home. We had come to an agreement before the trial and we agreed the house was to be sold and we would split the proceeds. I was to continue to pay for the home as well as insurance and property tax. We never signed any paper work as to this agreement. My question is this. Do I have to abide by the agreement seeing as how no paper work was signed?
- Category: Contracts
- Subcategory: Breach of Contract
- Date:
- State: National
Answer:
I cannot provide legal advice, but the answer depends on the specific facts and circumstances. If both parties accepted the terms and there was consideration (like dismissing the lawsuit), an oral contract may be valid. Oral contracts can be enforced like written ones, although proving the terms can be more challenging if disputes arise.
While a contract that transfers land generally needs to be in writing to satisfy the statute of frauds, your agreement might not constitute a transfer but rather an agreement to transfer. If the agreement was recorded and approved by the court, it could be enforceable as a judgment. If it’s not enforceable as a contract or judgment, it might be seen as an offer that can still be rejected or renegotiated.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.