Can I Enforce a Verbal Agreement for Ownership Shares with My Employer?

Question from Dejoco, Can I Enforce a Verbal Agreement for Ownership Shares with My Employer?

Answer from AI:

In general, verbal agreements can be legally binding. However, enforcing them can be challenging due to the lack of physical evidence. In the context of employment and ownership shares, the enforceability of a verbal agreement can depend on several factors, including the nature of the agreement, the laws of your state, and the specific circumstances of your case.

Understanding Verbal Agreements

A verbal agreement is a contract that has been agreed upon orally, rather than in writing. For a verbal agreement to be legally binding, it typically must meet the following criteria:

• Offer and acceptance: One party must make an offer, and the other party must accept it.
• Consideration: Each party must promise to give something of value to the other.
• Intention to create legal relations: Both parties must intend the agreement to be legally binding.
• Certainty and completeness of terms: The terms of the agreement must be clear and complete.

Enforcing Verbal Agreements

Enforcing a verbal agreement can be difficult because there’s often a lack of concrete evidence. However, if you can provide proof of the agreement, such as through witnesses or correspondence that refers to the agreement, you may be able to enforce it.

Verbal Agreements and Employment Law

In the context of employment law, verbal agreements can be tricky. Some states have laws that require certain types of employment agreements to be in writing. For example, under the Uniform Commercial Code (UCC), contracts for the sale of goods worth $500 or more must be in writing.

Seeking Legal Advice

If you believe you have a valid verbal agreement with your employer regarding ownership shares, it’s advisable to consult with a legal professional. An attorney can help you understand your rights and options, and can guide you through the process of trying to enforce the agreement.

Please note: This information is intended to provide a general understanding of the law. It is not intended to provide specific legal advice. Each situation is unique, and the applicability of the law can vary. Always consult with a legal professional for personalized advice.

Resources

For more information on verbal agreements and employment law, you may find the following resources helpful:

• U.S. Equal Employment Opportunity Commission (EEOC)
• U.S. Department of Labor (DOL)