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I sometimes get phone calls from people who entered into deals they regret. They made a bad business decision. They bought something they couldn't afford. They hired someone they didn't need. They later changed their minds in a cold sweat in the middle of the night. They want out of the deal. They ask if they get out of the deal, since they didn't sign anything.

Unfortunately, many of these deals are binding. The fact that someone did not sign an ink signature on a piece of paper doesn't mean there is no contract. This may have held true more in the past, before the age of computers and smartphone apps. Today, a keystroke on a phone screen could be just as binding as a handwritten signature with a fountain pen. And think of all those telephone transactions where we are told that the call is being recorded. That recording establishes the formation of a contract, even if you're told it's for "training purposes."

The fact is that even without these digital "signatures," contracts can still be binding if they are not in writing. In the eyes of the law, a verbal contract is just as good as a written contract. Sure, certain types of contracts are required by law to be in writing, such as those involving real property, those for sale of goods over a certain amount, those for guaranteeing a loan for someone, among others.

But overall, verbal contracts are meaningful. The problem lies in trying to enforce them without proof. And that's where people sometimes get the impression that a verbal contract is meaningless. It is not. That's something to think of the next time a deal is made over a handshake or a phone call.

Good Luck - Kendinize Iyi Bakin

Avukat Timur Akpinar

(718) 224-9824

www.benimavukatim.com

https://www.instagram.com/timtim111111111/

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