Legal Question in Civil Litigation in Florida
contract law
a contract is signed, then canceled in writing w/in alotted time frame. new price is negotiated, however no new contract is drawn up or signed by either party, is old contract valid? considering it was canceled in writing as specified. thanks
1 Answer from Attorneys
Re: contract law
The subject of the contract may determine the answer to your question.
Generally a contract does end when all the parties to that contract agree to cancel it. If one party does not agree to the cancellation and the contract is binding for a specific time period, until a specific event occurs, or a party to the contract has already relied to their harm on the contract, then at least some of the terms of the contract may still be enforceable in court.
Oral contracts may be enforced in court as long as they are not against public policy and do not cover certain topics for which the law requires a written or even notarized contract--for example, contracts relating to land.