4th September 2012

The risks of oral contracts and cutting corners

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4th September 2012

The risks of oral contracts and cutting corners


Risks of Oral Contracts and Cutting Corners

The recent High Court case of Tomic v Silverview Developments retails a familiar tale which litigation and insolvency solicitors see repeated all too often through their legal careers. On the facts the numbers were barely consequential but the principle of failing to record essential terms of a contract clearly and in writing, as the parties failed to here, goes to the heart of doing business in England and Wales. What this failure does is to expose both parties to unnecessary risk and to operate as a false economy, leading as it so often does to dispute, delay and disproportionate costs which can spell disaster for one or both trading partners.