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Why it’s preferable to put agreements in writing

On Behalf of | May 19, 2020 | blog, Small Business |

While some oral contracts may be valid in Georgia, it is often best to put agreements in writing. In some cases, an agreement cannot be enforced unless the terms of the deal are written down. For instance, a prenuptial agreement generally isn’t valid unless the terms are recorded on a physical document. In addition, in many states contracts involving the transfer of land or other items valued at more than $500 must be in writing.

There are many elements that a written contract must typically have to be considered legitimate. The contract must identify the parties to the contract as well as what is being exchanged between them. It is also necessary to include any key terms or conditions that either side may be bound by for the duration of the contract. A bill of sale is a common example of a valid written agreement between parties involved in a business transaction.

Even if a verbal agreement is sufficient in a given case, it can be harder to enforce. This is because it can be difficult or impossible to prove that a party has failed to live up to its obligations under the deal. It isn’t uncommon for people to forget what they agreed to or lie about what they promised to deliver.

Companies that are entering into business contracts may want to have a deal reviewed by an attorney before it takes effect. This may ensure that the deal is valid under state law and that its terms are reasonable. An attorney may also be able to help a client that is engaged in a contract dispute.