You should know right now that a verbal agreement is a legally binding agreement, however, it’s hard to get one to stand in court. When it comes to agreements you should never use a verbal agreement. The thing with verbal agreements is that it is your word over their word. You will want to make sure that you keep that in mind when it comes to negotiations. The negotiations will only become mixed up when you use a verbal agreement. This is because not every bit of the verbal agreement can be remembered. A lot of people will misinterpret the negotiations and then you have no idea what it is that was agreed on. It is very important that you learn what you need to do for a verbal agreement.
There are a lot of reasons why someone will need to use verbal agreements, however, you will want to keep in mind that you are going to have to use the verbal agreements in an adjunction to the written contract. It is fine to have a verbal agreement, but you should have the intent to put it on writing. You will find that you don’t have to put a written contract on paper. You can write a contract on a linen, on a shirt, on a piece of toilet paper, but you will need to consider the fact that you will need a written contract if you would ever have to go into court over it. It doesn’t matter what it is that you are negotiating for because you need to have that verbal agreement.
It is very important that you learn how to commit yourself to the written agreement. A lot of people think that if you were to have a verbal agreement with witnesses, you’ll end up in a better situation. You will find that there are a lot of people who will turn on you and so you can not trust anyone to stand with you against another person, especially if they are a mutual friend. You never know when your most trusted friend will turn on you. Make sure that you try your best to avoid using a verbal contract, and if you do end up using a contract you will need to follow up with a written contract before the money is given out or any valuable trade.
Make sure that you consider the fact that you are going to have to keep not only your investment protected, but you will need to press on for a written contract so that you can avoid the issues of future possession. You don’t want to have someone to come back and want the things that they sold to you, because you didn’t get it written in the contract. Like if you purchase a home with furniture; the contract must contain everything that was left because they could come back and ask for their stuff. You never what may happen because you didn’t get the right protection.
Unlike what a lot of people think, a verbal agreement means nothing in the eyes of the court. It will turn out to be your word over their word and that is not something that will want to deal with. You will not only be unable to protect your investment, but the future of the investment. You will feel a lot better knowing that the deal is written in the contract rather than you having to deal with the problems of negotiating a verbal agreement. Just keep in mind that everything will be riding on a contract that is nonenforceable when you go with the verbal contract, however, you will need to consider having a written contact to back up everything verbally agreed upon.
Source: Web Design Imagineers