Legal Question in Business Law in Virginia

Re: verbal agreement

Unless you had a written agreement, it's probably now too late to enforce any oral agreement, which has a statute

of limitations in the Commonwealth of only three years.

Re: verbal agreement

Correction: My previous answer is erroneous. Attorney Robert Strupp has rightly pointed out to me that you would have three years (the statute of limitations for oral contracts)from the date of the breach which would not have occurred until the end of the first three year period. You and your co-workers to whom this oral primise was allegedly made, would, therefore,

appear to have at least a couple of more years to file your case. However, given the difficulty of proving an oral contract in a court of law, particularly a contract of the kind which you've alleged, if the owner is clearly not going to cure his apparent breach of his promise by giving each of you the promised 3% ownership in the company, then you would be well advised not to wait too much longer in

filing your cause(s)of action.