BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -We are well aware as per the above essentials of the Contract under the Indian Contract Act, 1872 that to enforce the contract, it has to be registered & preferably be in writing. But that does not invalidate an oral contract. An oral contract also bears an evidentiary value in the eyes of law & can be enforced.

Detailed explanation-2: -To answer the question in short: yes, oral contracts are valid. However, the legal obstacle comes to proving an agreement was made between two parties and can, therefore, be enforced.

Detailed explanation-3: -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-4: -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-5: -The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality. In some states, elements of consideration can be satisfied by a valid substitute.