Bistrup Gruppe, Hjørring, Halvorsmindevej 28

Damages For Oral Agreement

Oral contracts can be applied if they are properly concluded in front of witnesses. For example, texaco made a higher bid in 1984, after Getty Oil was sold to Pennzoil in a handshake deal, legally binding under New York law, and the company was sold to Texaco. (Although the case was tried in Texas, New York law was in effect.) Pennzoil filed a complaint for unauthorized breach of the oral contract, which was upheld by the court and subsidized $11.1 billion in damages, which were later reduced to $9.1 billion (but were increased by interest and penalties). [3] Assuming party A orally agrees to sell Party B a $400 textbook. Party B accepts the agreement orally and sends $400 to Part A. If Party A does not send the manual to Part B, but retains the 400 $US, Party A has violated its oral contract. Thus, Part B can sue Part A for breach of its agreement and return the costs of the manual that was never received. . . .