3 ms·
"An Englishman's word is his bond" as the old saying goes, verbal contracts are enforceable. The whole financial system used to run on purely verbal contracts.
by justincormack 3y ago
"An Englishman's word is his bond" as the old saying goes, verbal contracts are enforceable. The whole financial system used to run on purely verbal contracts. There are some requirements, there has to be a consideration for example. I am not sure this is true in other legal systems though.
- zzbn00 3y agoAs an interesting edge case, in an auction contract can be formed without words either: it is formed on the "fall of the hammer" https://www.legislation.gov.uk/ukpga/1979/54 https://www.legislation.gov.uk/ukpga/1979/54