You make a great point Juan. Anything valuable in terms of an agreement should be appropriately recorded. Especially in business when valuable ideas, ventures and careers are at stake. Though, as a few of our classmates mentioned, an oral agreement can be validated, it is much more difficult and requires more defined evidence to rule one way or another. Additionally, certain agreements that last over a year, a sale of land or involving greater than $500 it may be subject to the aforementioned statute of frauds.

Thanks,
Romany