While the authorities are different in their presentation of the type of contracts, it is probably appropriate, under New Zealand law, to define a contract as an agreement (enforceable by the court) under which each party makes commitments to the other in exchange for valuable consideration.17 But just like this dubious ex of you, When the property becomes ugly, If you do not have a formal contractual agreement, do not release yourself from important legal obligations to your business partners. Therefore, if you don`t want to fall into the case, you`d better make a good deal – or see it in court. The above cases show that even the simplest agreements and commentaries between the parties can be interpreted as binding oral agreements. Obviously, this should be concretized and take precedence over their verbal comprehension. It was found that W and T had orally accepted the price of $465 per tonne and that T had to pay damages; If you do not have a written contract, not only are you responsible for a sanction, but you must also provide evidence to support your version of the truth. In the case of an oral agreement, this may include all emails or text messages exchanged, pay slips, etc. The message is that, in an oral treatise, conversations and exchanges can be interpreted in different ways and certainty is rare. Written agreements are more robust and offer better legal protection and commercial security….