Re: Is this considered a verbal agreement - Landlord Forum thread 321913

Re: Is this considered a verbal agreement by NFL_LL (FL) on July 28, 2014 @02:30

You made a verbal agreement. However, your verbal agreement is not binding by law. It's not a verbal contract.

Contracts have three elements: offer, acceptance and consideration.

Consideration is something of value which you exchange. In LL/Tenant relationships, the consideration for the LL is the property and the consideration for the Tenant is money.

Your dad made an offer, your friends accepted but nothing has been exchanged yet. No contract. No legal obligation.

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Re: Is this considered a verbal agreement by LEE on July 28, 2014 @16:40	[ Reply ]

thanks for your reply. I was worried this would be legally binding, so glad to hear it's not.

Re: Is this considered a verbal agreement by Anon E. Mouse on July 28, 2014 @19:39	[ Reply ]

To be clear, money is just one form of consideration, but it certainly isn't the only form. A promise to pay money can also suffice to form the basis for a contract.