When to Use Written Rather than Verbal Contracts
Are you on the verge of closing a deal?
Is your contract written or oral?
An oral contract - sometimes called a verbal contract - is one that isn’t in writing. It’s a handshake deal. Many business contracts are verbal.
The State of Michigan has a law, called the statute of frauds, that requires certain contracts to be in writing and signed by the party against whom enforcement is sought. Typically, this would include the following types of contracts:
Sale of Real estate;
Sales of goods for more than $1,000;
Suretyship and guaranties;
Contracts that can’t be performed in one year or less;
If any of these contracts have been made verbally instead of on paper, the contract may be void under the statute of frauds. Protect yourself by using written contracts when applicable. If your debtor can’t pay and the contract is determined to be void under the statute of frauds, you could be out of luck!
Debt Collection Services in Michigan Since 1961!
Since 1961, our top-rated lawyers have been dedicated to professionally and aggressively pursuing the money you’re owed in a straightforward, ethical manner. With offices in Birmingham and Grand Rapids, we handle claims against debtors located in Michigan, even if you are located out of state or out of the country.
If you want to use debt collection services in Michigan, your first step is easy. Fill out the information form on our “Contact Us” page, or give us a call at 248-645-2440, to ask questions and figure out your next steps. Don’t let the money owed to you go away- get started today! We look forward to hearing from you.