Legal Question in Business Law in Texas
verbal contracts in Texas
In the state of texas, are verbal contracts legal in court?
ABC company verbally agrees to give a % of stock to an investor for a certain amount of money. The investor did not deliver the full amount. Now another investor wants to buy those stocks that were verbally agreed upon but never delivered. Can we legally give those stocks to a new investor. This verbal agreement took place 1yr and 7 months ago.
Asked on 9/01/04, 12:28 pm
1 Answer from Attorneys
Peter Bradie
Bradie, Bradie & Bradie
Re: verbal contracts in Texas
Verbal contracts are enforceable. The problem usually lies in proving up the terms. If the investor paid a portion, he should be entitled to that portion paid for. Or return the money stating that it was an all or nothing deal.
Answered on 9/01/04, 12:49 pm
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