Legal Question in Business Law in Utah

Enforceability of verbal contracts
How would I proceed to enforce a verbal commission agreement
between 2 parties regarding a commission owed from a large development venture.
Party #1 provided the information about the project after having a non disclosure statement signed. Party #2 aquired the venture capital required to get project started by simply making a phone call and is now due to collect 2.5% from the funding source and now claims that the 1st party representing the project's principles is not owed commission from him. Although he verbally agreed to 1% prior to and after submitting the project details to his Contact who also signed a confidentiality agreement and proceeded to broker the venture successfully.Party #2 & his contact are splitting a 5% commission.
our clients believed that the 5% they are paying would satisfy our written agreement by being split equally among the brokers involved. The principles and the Contact, of broker #2 witnessed and Aknowledged our verbal agreement with Broker #2; However he has been unreceptive to the assertations of all parties. We are currently delaying closing of this transaction and after which will hold all commissions in escrow until a written agreement can be reached between party#1 & party #2. Thankyou!

Asked on 4/08/05, 7:59 pm

Alvin Lundgren Alvin R. Lundgren, L.C.

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Re: Enforceability of verbal contracts

It is not clear what your non disclosure documents provide in the way of protection. If they do not give any direction, see below.

First get a written agreement from all parties; second suggest that the parties enter mediation or arbitration; third file suit.

Answered on 4/08/05, 11:19 pm

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