BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Is a verbal contract binding? Verbal contracts, sometimes called handshake agreements, are legally binding, with a small number of exceptions. Just because oral agreements are difficult to prove, it is advisable for all parties to sign a written document and seek professional legal advice.

Detailed explanation-2: -In India, both agreements, whether oral or written are valid and fall under the gambit of the Indian Contracts Act. Although as per law, an oral agreement is valid, but their enforceability comes to question in the event of a dispute.

Detailed explanation-3: -A type of contract that is verbally created or verbally modified without being recorded in writing. Such contracts are sometimes called parol contracts.

Detailed explanation-4: -Oral contracts are verbal agreements between two parties. An oral contract occurs when spoken words are rendered valid and legally enforceable in a court of law. However, an oral contract is not legally enforceable unless it is provable in court, and it must meet various requirements of contract formation.