Legal Question in Real Estate Law in Texas
Oral Contracts and Agreements
I recently left a position where my boss was a family member (older brother). We made an oral agreement whereby I was promised a partnership interest in a property that I helped develop and manage while I was there. However, I never received a written partnership agreement providing me with full legal rights to what was orally promised to me.
(1) What rights do I have legally in trying to get the partnership interest that was promised to me? What are my options?
(2) Would I need third party substantiation that he made this oral commitment to me?
(3) Would it make sense to retain council on a retainer basis should I decide to obtain either an actual partnership interest or a cash settlement based on the properties appraised value.
2 Answers from Attorneys
Re: Oral Contracts and Agreements
Contracts for interests in real property usually must be in writing to be enforceable. There are several exceptions to this rule which may or may not be present in your situation. I offer a free initial consultation. Please call me at 214-764-1847 if you would like to schedule an initial consultation.
Re: Oral Contracts and Agreements
There is some case law that suggests an oral partnership to develop real estate is enforceable. Proof, absent a witness, might take the form of demonstrating the work you put in on the deal. You should hire a lawyer if you cannot get your brother to acknowledge your interest.
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