In the interest of the public welfare and to promote conversation and increase the ultimate recovery of oil, gas, and associated minerals from the Unit and to protect the rights of the owners of interest in the lands included in the Unit, it is deemed necessary and desirable to enter into this Agreement, in conformity with (Applicable Statutory reference), to unitize the Oil and Gas Rights in and to the Unitized Formation in order to conduct a secondary recovery, pressure maintenance, or other recovery program as provided for in this Agreement.
Mississippi Unit Agreement
State:
Multi-State
Control #:
US-OG-775
Format:
Word;
Rich Text
Instant download
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FAQ
Put simply: yes. From a legal standpoint, verbal contracts can be just as valid as written contracts. There are, of course, nuances and exceptions, and a verbal contract may be much more difficult to enforce in court should something go wrong.
For example, under Mississippi law, 18-year-olds can enter into contracts and settle personal injury lawsuits. This article provides a brief overview of legal age statutes in the state of Mississippi.
In Mississippi, there are many types of oral agreements that the courts will enforce. The Mississippi Supreme Court has said that, generally speaking, oral agreements are just as enforceable as written agreements.
The two basic parts of a contract is the offer and the acceptance. One party makes an offer to another party, who may or may not choose to accept. A valid offer includes the name of the accepting party, the subject of the offer, a quantity, and a price.
A court may not enforce an oral contract if one or both parties lack competency or legal capacity. Examples of situations where parties may be deemed incompetent or lacking legal capacity include: If one or both parties were under the influence of alcohol or other incapacitating substances.