Legal Question in Business Law in Colorado

Contract Law

In contract negotiations, if a counteroffer is made and verbally accepted by both parties is the contract binding at that point? At the meeting the offeror & offeree agreed upon specific numbers and stated they would sign the agreed upon contract.

Or is it necessary to get the offer rewritten and signed before the contract is binding?


Asked on 4/23/99, 3:11 pm

1 Answer from Attorneys
Dymond Steven Steven H. Dymond P.C.

Re: Contract Law

technically the verbal agreement is binding, (unless for real estate, or matters not to be performed within one year). Lawyers make thier living form disputes. This includes bad memories and differing understandings.. Why play around? Put your agreemetn in writing. this confirms each parties understanding and commitment to the deal. I further recommned not calling it a counter offer, and simply restating the agreement as a new contract. This simplifies things. Housekeeping is always wrthwhile if you care about what will happen. What if the other party dies, etc., and someone who knows nothing about the agreement has to take over?

Dymond Steven

Steven H. Dymond P.C.

1444 Wazee Street, Suite 335


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Answered on 4/27/99, 11:49 am


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