14:39
And I am proud to have joined the ranks of the 96% lol
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LSDefine
Simple English definitions for legal terms
parol agreement
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A quick definition of parol agreement:
A parol agreement is a type of contract between two or more parties that is not in writing. It is based on spoken promises or agreements that are legally enforceable. However, it can be difficult to prove the terms of a parol agreement in court because there is no written record of the agreement. Therefore, it is always best to put important agreements in writing to avoid any misunderstandings or disputes.
A more thorough explanation:
A parol agreement is a type of contract that is made orally or through spoken words. It is also known as a parol contract. This type of agreement is enforceable by law, but it can be difficult to prove its terms since it is not in writing.
For example, if two people agree to sell a car for $5,000, but they do not write down the terms of the agreement, it is considered a parol agreement. If one person fails to pay the agreed amount, the other person can take legal action to enforce the agreement, but it may be difficult to prove the terms of the agreement without any written evidence.
Another example of a parol agreement is when two friends agree to split the cost of a vacation, but they do not write down the details of the agreement. If one friend fails to pay their share, the other friend can take legal action to enforce the agreement, but it may be difficult to prove the terms of the agreement without any written evidence.
In summary, a parol agreement is a type of contract that is made orally or through spoken words. It is enforceable by law, but it can be difficult to prove its terms since it is not in writing.