An oral contract is a type of contract between two parties whose terms are agreed through spoken communication or partly through writing. It is different from the written contract that requires a written proof or document to be created. Contracts are very important in business and in logistics to be specific since they confine those involved to fulfilling certain obligations (Yeaton, 2015) . This essay discusses oral con tracts in the US and whether or not they are enforceable. This essay also gives an explanation of implied contracts. Contracts are made between two parties which have come to agree on common terms and therefore professional morality standards require that these contracts should be adhered to by both parties.
Oral contracts are legally enforceable in the United States unless the contract touches on matters that come within the statute of fraud. For instance, an oral contract to sell a private property for a sum that does not exceed the one set in the statute of fraud (Knapp, 2016) . The statute of fraud requires that certain contracts be done in writing only. The contracts such as to sell a real estate property and much more are required to be done in writing only according to the statute of fraud. The other dissimilarity between oral and written contract is the fact that the time period to prosecute for breach of an oral contract is sometimes shorter.
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An implied contract generally refers to an agreement which is neither written nor spoken but it is produced by the actions of those involved. An implied contract is legally considered or assumed to have been made. An implied contract occurs in the events that a buyer purchases a product. There is an implied contract that the product must operate as stated by the seller.
In summary, there is a difference between a written, an implied and an oral contract although each of them is enforceable under certain conditions given by the US laws.
References
Knapp, C. a. (2016). Problems in Contracts Law: cases and materials. New York: Wolters Kluwer Law & Business.
Yeaton. (2015). A new World of revenue recognition: Revenue from contracts with customers. Chicago: CPA Journal.
