Backdating contracts verbal contracts
An oral contract is a spoken agreement between parties that is sometimes legally binding.
Sometimes courts are asked to determine the effective dates of contracts that are completely undated.
Let’s take a look at the different possibilities, and what you need to know to understand the all-important “when” of an agreement.
If a contract does not specify its effective date, it goes into effect on the date it was signed by the person to whom the contract was offered for a signature.
These include: The statute of limitations is the time limit in which one party must file a lawsuit against the other party to recover damages if there is a breach of contract.
In the case of verbal contracts, these usually have a shorter statute of limitations timeframe when compared to the timeframe for written contracts.