A contract refers to any agreement between two or more parties intended to create legal relations, rights or consequences for breach unless expressed otherwise (Tilbury, 2006). It can be oral or written and both are legally acceptable unless the law specifies that a particular contract must be done in writing. In Paul v Wallopers Ltd, the promotional competition contract was both verbal and oral. It was verbal because the mails agreeing on the new price as $230 instead of $240 were not counter signed by both parties. However, these letters may support evidence of mutual consent in a court of law (Posner, 2001). On the other hand, the contract is said to have been oral in that Paul ordered Wallops on phone.
Besides, he requested to pay in six months time and the Wallopers Ltd manager granted his request; all on phone. Since the contract has been agreed to be biding in honor only, negotiations thereafter must also be bound by the same terms and conditions. Remember that gentleman’s agreements are recognized by law (Calamari and Perillo, 1987).
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