BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Valid oral agreements are legally enforceable in the court of law. However, it is not of great evidentiary value as the agreement is understood through the word of mouth and obtained via second hand knowledge.

Detailed explanation-2: -The evidentiary value of these oral agreements is not much as it is second hand knowledge and courts cannot arrive at a conclusion without invoking bias against one party. In India, both agreements, whether oral or written are valid and fall under the gambit of the Indian Contracts Act.

Detailed explanation-3: -The illegal contracts are deemed as void and not enforceable by law. As section 2(g) of the Act states: “An agreement not enforceable by law is said to be void.” Thus we can say that all illegal contracts are void but the reverse is not true. Both the void contracts and illegal contracts can’t be enforceable by law.

Detailed explanation-4: -A court will typically not enforce an oral agreement if one or both of the parties are not competent or do not have legal capacity to form the contract.

Detailed explanation-5: -An oral contract is a type of business contract that is outlined and agreed to via spoken communication, but not written down. Although it can be difficult to prove the terms of an oral contract in the event of a breach, this type of contract is legally binding.