Jun 28, 2021
Movie producer, Sam Goldwyn is attributed with the famous quip "A verbal contract isn't worth the paper it's written on".
So when should you get a deal in writing versus accepting the promise or handshake? Lawyers typically advocate to get written contracts. Many people believe a contract is only valid or enforceable if it's in writing. Let me bust that myth. Contracts can be written, verbal, or inferred by conduct (with limited statutory exceptions). The question is which best serves you in any given situation.
In this episode, I aim to demystify this issue.
We explore:
- Formal contracts vs. simple written agreements
- Verbal agreements vs. written
- Pros and cons (risks and rewards) for each
- Elements of a written contract
- Tips to protect you
- Deals with family
- Best practices
As always, being intentional about your decision whether to get an agreement in writing or not is key. There is not necessarily a right or wrong answer in any given situation. So long as you consider the elements discussed here, including the pros and cons of each approach, you'll be ahead of the pack. Most people act (or not) out of habit or reflex without bringing intention to the decision-making process.
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