Advantages And Disadvantages Of Oral Contracts
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i) Oral and Written contract ii) Bilateral and Unilateral contracts iii) Express and Implied contracts iv) Void and Voidable contracts
v) Distance selling contracts
All these contracts have different features and impacts.
Oral and Written contracts
Oral contracts are contracts which have been made by talking, and both parties make contracts by face-to-face meeting with no written words. It is also called face-to-face or verbal contracts. It is used in many situations, ex) buying items in shops, buying tickets in theater , bidding and an auction
As an advantage of oral contracts, the business generally can make contracts quickly and easily so people who work together on a regular base or in a close relation such as family, mostly they use oral contracts. Making contracts with people who have high degree of trust within the sector also can be made by oral contracts. Also, if contract is not complex, oral contracts are useful too. However, oral contracts do not have any evidences to support its agreements. Therefore, for the most important point of contract, because of each party has to understand clearly about their contract includes works, time, and money, oral contracts is not suitable. If there are any issues with oral contracts, it can be problem because of there is no
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