“We are terribly at the end of this agreement because we are opening up the entire Western Philippine Sea to the Chinese fishing fleet. It`s just a flaw,” Carpio said. Contractual terms must not be presented in a vague, incomplete or erroneous manner. In other words, there should be an agreement on who the contracting parties are, on each party`s obligations, on the price to be paid and on the purpose of the contract. The conditions between aunt and nephew are very clear; the aunt lends $200 to the nephew for the purchase of a new tire (and nothing else) provided he reseals her 200 dollars at some point (for example. B when he receives his next cheque). Most oral contracts are legally binding. There are a few exceptions, however, depending on the design of the agreement and the purpose of the contract. In many cases, it is best to draft a written agreement to avoid litigation. Just like the aunt in our imaginary scenario, you`re probably better off documenting a written agreement.
Something as simple as a promised note, detailing the nephew`s promise to repay his aunt, could have avoided any quarrel over their agreement. Finally, it is less difficult to ask family members for a written loan than to bring them to justice. Duterte revealed that such an agreement had been reached to clarify an earlier controversial statement that China could not be deterred from fishing in the Philippine EEZ. In one of his recent speeches, Duterte said he would inform Filipinos of the constitutionality of his verbal agreement with Chinese President Xi Jinping in his next SONA – his fourth. Many oral contracts are legally binding, but the possibility that a party will not respect its commitment still exists; That`s why people often prefer to make their deals in writing. “But if the president confirms it at SONA, I don`t think we can get out of it. So that`s what we`re related to; We have to respect that,” Carpio said. The president will have to say that there is no such agreement, because if it exists, we are bound to it,” he added. Here too, a written appearance or any form of documentation is not part of a valid contract.
As long as an agreement meets the three elements mentioned above, there is a valid contract, whether or not it is a written agreement. To win the case, the aunt must prove with evidence that her nephew lent the money with the intention of repaying it, while the nephew must prove that he did not accept. Without the documentation of the agreement, it will be a matter of er-she-said. In the end, it is a judge who decides which case is most likely of the party. For example, employers, workers and self-employed contractors may consider it invaluable to document the terms of their agreements in an employment contract or service contract. While a verbal agreement may be legally enforceable, it can be difficult to prove in court. Although Foreign Minister Teodoro Locsin Jr. made it clear that the oral agreement was not a policy and therefore could not be implemented, his speech at SONA would be confirmed.
Be sure to review your state`s fraud laws or law if you are not sure if you need a written agreement or not. For their enforceable applicability, the following contracts, which fall under the Fraud Act, must at least be established in a private instrument: 1) an agreement that cannot be concluded within one year of their development; 2) a special promise to be responsible for the debt, default or miscarriage of another; 3.) an agreement that is made with marriage in mind, with a promise of mutual marriage; 4)) an agreement on the sale of goods, cats or maintenance, at a price of at least P500; 5.) a tenancy agreement for more than one year or for the sale of real estate; and, 6.) a presentation of a third party`s credit.