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KembaraXtra – Legal Terms – Parol Contract
A parol contract is another term for a simple contract.
It refers to a contract made orally or otherwise not executed as a deed.
Parol contracts are legally enforceable provided the normal requirements of contract formation are satisfied.
Such requirements include offer, acceptance, consideration, and intention to create legal relations.
Most everyday agreements are parol contracts rather than deeds.
A parol contract is another term for a simple contract.
It refers to a contract made orally or otherwise not executed as a deed.
Parol contracts are legally enforceable provided the normal requirements of contract formation are satisfied.
Such requirements include offer, acceptance, consideration, and intention to create legal relations.
Most everyday agreements are parol contracts rather than deeds.
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