Legal Question in Business Law in New York

Re: Written contract necessary?

Get it in writing and signed by all parties or you will probably regret not doing it later. A year is a long time and a verbal agreement is only valid up to $500 in most cases.

Re: Written contract necessary?

The previous answer is incorrect, at least as to New York law - a verbal contract can be binding, even if it involves more than $500 - even though there are conditions under which it might not be binding. The real question is what the contract actually says...why is the contract being made.

However, the sentiment is correct - putting it in writing is certainly a good idea - even if it isn't necessary.

Re: Written contract necessary?

The Statute of Frauds ("S/F") requires a written agreement for all contracts that will not be performed before 1 year+1 day from the date the contract is made.

Even without the S/F, it's MUCH easier to prove the terms of a contract in the event of breach if it's in writing.

For all practical purposes, I think all three answers you've gotten to this so far say the same thing...