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General Partnership Agreements


8. Oral Agreements
It is not recommended to have an agreement entirely based on an oral agreement for various reasons. Although some oral agreements are enforceable under law, they are often difficult to prove and are easily debated in court.

Some agreements MUST be in writing according to law. The following types of agreements need to be in writing:
  • Real estate sales
  • Agreements to pay someone else's debts
  • Agreements that take longer than one year to complete
  • Real estate leases for longer than one year
  • Agreements for over a certain amount of money (typically over $500)
 
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