Richard E. Smalley, Esq. explains the benefits of having a written agreement

NORMAN, Okla. - Oct. 25, 2019 - PRLog -- In a new article, Oklahoma lawyer Richard E. Smalley explains why written contracts continue to be important. The complete article will be published on his Blog at https://richardsmalleylawblog.family.blog/

In this technological-driven age, many people don't value the importance of legal papers in a hard-copy form with signatures. They think that as they have carried out the agreement verbally, or exchanged a few emails on the subject, it means almost the same. But that's not how it works; the significance of a written contract is far more important than the one available in your folder or the one done verbally. In his article, Richard Smalley gathered some top reasons why you should have written agreements with signatures and dates attached.

A "statute of limitations" is a law that restricts the time within which legal proceedings can be brought. As for contracts in Oklahoma, the statute of limitations for a written contract is five years, and for an oral contract it is three years. See 12 OK Stat § 12-95. When there is an oral agreement, the parties might differ as to when exactly the agreement was reached or when the breach occurred. This is a good reason to reduce agreements to writing. That way you have clarity until when a lawsuit must be filed.

A piece of paper may have lost its importance in today's digital world but the significance of a written contract continues. Written contracts provide more assurance to both committed parties. Verbal contracts are harder to prove. With verbal contracts, it is likely that a party may agree on something, but later on, back-pedal immediately. This can put you in a lot of financial or legal crisis and damage your reputation as well. With written contracts, there is no scope of denying or backing away; even if a certain party does so, you can always provide evidence and prove them wrong. This will save you from a lot of hassle with the committed party and authorities.

The worst part about verbal contracts is that people often forget about details – the most important part of a contract. They may remember them for a while but as time goes on, it is likely for them to become hazy on minor details.

Richard E. Smalley, III is an attorney in Norman, Oklahoma.

Blog: https://richardsmalleylawblog.family.blog/

News: https://hype.news/richard-e-smalley-iii-family-lawyer-us/