THE DANGERS OF ORAL AGREEMENTS

THE DANGERS OF ORAL AGREEMENTS

Imagine buying a car from a friend and you both agree on the price. You shake hands and the deal is done.

But what happens when your friend suddenly changes his mind and wants more money? You’re left with nothing but a handshake and a broken promise.

This is exactly what can happen when you rely on oral property and business agreements. A simple misunderstanding of, or forgetting, the terms can lead to claims and counterclaims. You don’t need that trouble.

A written agreement, on the other hand, provides a clear and binding contract between parties. It outlines the terms, conditions and duties of each party, leaving no room for misinterpretation.

With a written agreement, you have proof of the agreed terms; avoid property and business disputes/claims and your rights and interests are duly covered.

Even with family and friends, with an oral agreement and mere reliance on trust, you are not sure of anything as long as money is involved.

Even with good intentions on both sides, terms can be forgotten or easily misconstrued.

It is said that the faintest ink is better than the best memory.

Avoid verbal agreements at all costs.

So the next time you’re tempted to have a gentleman agreement, remember: a written agreement is your best move for a smooth property or business transaction.
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APEX CHAMBERS, Property/Real Estate and Business/Corporate Lawyers, Attorneys, Barristers, Solicitors & Notary Public in Port Harcourt, Rivers State, Nigeria

Phone: +234(0)7030868694 (Calls & Whatsapp)
Email: info@apexchambersglobal.com
Website: www.apexchambersglobal.com