Legal Question in Business Law in Illinois

Verbal contracts

I entered into a verbal contract 2 years ago.There was a third party present. The contract is to last 5 years, which at the end I am to receive 40% of the business and the other to receive 60%. Recent events have lead me to believe that the other party does not plan to complete their part of the contract. Is there any thing that me and the third party can do, such as giving a deposition, to insure that the other party does not back down from their part and I am left with no way of proving the contract?


Asked on 4/12/06, 11:23 pm

1 Answer from Attorneys
Thomas Moens Moens Law Offices, Chartered

Re: Verbal contracts

Your contract probably violates the statute of frauds, but you should contact an attorney to discuss the specifics of your case. The statute of frauds (740 ILCS 80/1), says:

No action shall be brought . . . upon any agreement that is not to be performed within the space of one year from the making thereof, unless the . . . agreement upon which such action shall be brought . . . shall be in writing.

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Answered on 4/13/06, 3:07 pm


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