BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Most contracts can be either written or oral and still be legally enforceable, but some agreements must be in writing in order to be binding. However, oral contracts are very difficult to enforce because there’s no clear record of the offer, consideration, and acceptance.

Detailed explanation-2: -As previously noted, if the contract is indefinite, meaning that there is no end date, then it need not be in writing. However, if the contract is expected to outlive one or more of the parties involved in the contract, then it must be in writing in order for it to be enforceable.

Detailed explanation-3: -The statute of frauds is a common law concept that requires written contracts for certain agreements to be binding. The statute applies to land sales and most purchases of goods over $500. There are significant exceptions, such as oral contracts where work has already started.

Detailed explanation-4: -A contract can either be written or verbal, and while both can be legally binding, some contracts are required to be written in a designated format to be enforceable. Contract law is complex and differs between jurisdictions.