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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.
Verbal contracts are binding, including in Rhode Island. However, certain types of contracts, or contracts for certain amounts, must be in writing. The requirement is called the Statute of Frauds. The Rhode Island Code § 9-1-4 addresses this:§ 9-1-4.
The one-year agreement is effective from September 1, 2023, to August 31, 2024, and includes a cost-of-living wage increase of 2.5% at the start of the contract year, followed by an additional three quarters-percent increase at the conclusion of the year.
Breach of a verbal contract typically occurs when one party fails to comply with the terms of the arrangement. That may mean failing to buy or sell something. It may also mean a party fails to pay for a provided service or fails to provide the service to a paying customer.
A contract can be deemed unenforceable if it requires a party to undertake an illegal act, if it was signed under duress or while intoxicated, if the disparity in knowledge between the parties is extreme and the weaker party was given onerous terms, etc.
To be valid, an oral contract must contain all of the following elements, which are required in any other type of contract: Offer. The offer is the promise to do something?or to not do something?in exchange for what the other party is providing. Acceptance. ... Consideration. ... Meeting of the minds. ... Legally enforceable.