Record a Verbal Transaction

Uses for ProofKeep:

Use No. 3: Verbal Contracts

The binding nature of verbal transactions can vary depending on several factors, including the jurisdiction, the nature of the transaction, and any applicable laws or regulations. In general, verbal agreements can be legally binding, but proving their existence and enforcing them may be more challenging compared to written contracts.

In many legal systems, contracts are typically considered valid and enforceable if they meet certain criteria, regardless of whether they are oral or written. These criteria often include the presence of an offer, acceptance of the offer, distinct consideration (something of value exchanged between the parties), and an intention to create legal relations.

However, one of the main challenges with verbal transactions is the difficulty of establishing the terms and conditions of the agreement in the absence of written documentation. Memories can fade or differ, and it may become challenging to prove what was agreed upon in case of a dispute. Written contracts, on the other hand, provide a clearer record of the parties' intentions and are generally easier to enforce.

It is important to note that specific circumstances or types of transactions may require written agreements to be legally enforceable. For example, certain contracts, such as those involving real estate, sales of goods over a certain value, or contracts that cannot be performed within one year, often require written documentation to be legally binding.

To ensure clarity and minimize disputes, it is generally advisable to reduce important agreements to writing whenever possible. This helps provide a clear record of the terms, conditions, and obligations of the parties involved. However, in circumstances where agreements are constructed on-the-fly or impromptu, it is best to capture the transaction details, with all parties present via audio or video recording. It is even better if the captured audio or video recording is stored with an unbiased third party to eliminate the possibility of the original recording being altered or modified in any way. ProofKeep® is an easy-to-use mobile application that is often used by small businesses, landlords, and contractors as a means to capture and record the details of a verbal transaction.

Examples of verbal transactions include:

1.    Retail Purchases: When customers visit a physical store and interact with a salesperson, they may engage in verbal transactions to inquire about products, negotiate prices, and make purchases.

2.    Telephone Banking: Customers often engage in verbal transactions when they call their banks to conduct financial activities such as transferring funds, checking account balances, or requesting information.

3.    Negotiations: In business settings, negotiations between parties may involve verbal transactions where representatives discuss terms, conditions, and agreements. This can happen during meetings, conference calls, or in-person discussions.

4.    Customer Support: When customers contact a company's support helpline, they engage in verbal transactions to explain their issues, receive assistance, and resolve problems.

5.    Construction: A contractor and client often do not formalize the details of the work to be done into a written contract. ProofKeep® is a perfect vehicle to detail and legitimize the agreement.

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