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If you verbally accept an offer and change your mind, you should retain an attorney as soon as possible. It is much more likely that you will be able to revoke a verbal agreement if you do so immediately.
Thus, to legally break a verbal contract, you should do so in writing. In that correspondence, outline the terms that had been agreed upon and why you are not able to fulfill them.
A verbal contract is a type of agreement (between two or more parties) that is made through spoken words rather than a written document. An example would be if you were at a yard sale and offered to buy a piece of furniture or an article of clothing for $100 and the yard sale host accepted your offer.
As stated above, a verbal contract can be enforceable under the law, just like a written agreement. But, proving the terms of a verbal contract is more challenging than proving a written one because there is no physical document that outlines the agreement terms.
Verbal Contracts are binding, too and as such can be broken. Here is a look on what constitutes a binding verbal contract. Transactions that require your signature, or some form of written acceptance include agreements involving the transfer of interest in real property (such as purchasing or leasing a home).
Depending on the state, written contracts have about an eight to ten year statute of limitations, while verbal contracts have one to three. There is also a doctrine called the statute of frauds, and it says land sales must be in writing.
Contract law in Puerto Rico provides for the validity of verbal contracts be- tween private parties, with some cave- ats.
In California: Written contracts have a four-year statute of limitations while. Oral contracts have a two-year statute of limitations.