09/12/2024
🎓💼 "Can a Verbal Agreement Hold Up in Court?" 🤔
We hear it all the time: "Promise, deal na tayo!" But is a verbal agreement legally binding? Let’s break it down! 🧑⚖️👇
📚 FACT: In the Philippines, verbal agreements can be legally binding under the Civil Code, but here’s the catch:
1️⃣ Consent: Both parties must agree to the terms.
2️⃣ Object: The agreement must involve something legal and possible.
3️⃣ Cause: There must be a valid reason or consideration behind the agreement.
💡 BUT WAIT! Not all agreements can be verbal. Under Article 1358 of the Civil Code, some contracts must be in writing, like:
📜 Sale of land.
📜 Agreements exceeding ₱500 in value.
📜 Certain partnerships and donations.
