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A rental agreement is a contract of rental, usually written, between the owner of a property and a renter who desires to have temporary possession of the property; it is distinguished from a lease, which is more typically for a fixed term. [1]
Provided that an oral contract satisfies any requirements imposed by law, such a requirement that contracts for a specific type of transaction be in writing, it is legally enforceable. [ 1 ] [ 2 ] For example, in 1984, Getty Oil was sold to Pennzoil in a handshake deal, a lay term for an oral contract, which was binding under New York law.
A contract is a legally binding agreement. Once an offer has been accepted, there is an agreement, but not necessarily a contract. The element that converts any agreement into a true contract is "intention to create legal relations". There must be evidence that the parties intended the agreement to be subject to the law of contract.
According to Harvey Boller, J.D. Professor of Law at Loyola University, roughly 100 percent of contracts today are informal contracts. [citation needed] The legitimacy of a contract, however, does not rely upon whether a contract is formal or informal. [2] Both are considered binding, given all other elements of a contract exist.
Verbal agreement may refer to: Oral contract or verbal contract, a contract the terms of which have been agreed by spoken communication Verbal agreement or concord, grammatical agreement of a verb form with its subject or objects; see Grammatical conjugation#Verbal agreement
It is merely an agreement to agree lacking the requisite intention to create legal relations, and the deal will only be binding unless and until the formalized contract has been drawn up. Subsequent authorities have been willing to recognize a fourth category in addition to those stated in Masters v Cameron .
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