Oral Contract

Marketing dictionary

Oral Contract

Contract that is not in a written form, but is entirely valid and enforceable. Unlike in case of a written contract, however, it might be difficult to prove the existence and the terms of an oral contract except by testimony. In general (unless specified in writing), an oral contract may alter, annul, dissolve, or waive the terms of a written contract, and vice versa. Also called oral agreement.

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