A partnership cannot be formed with an oral agreement.

Name: A partnership cannot be formed with an oral agreement.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

While it is possible to form a partnership with an oral agreement, it is highly discouraged. A written agreement is recommended to avoid misunderstandings and to clearly define the terms and expectations of the partnership. However, a partnership is legally valid as long as the partners have a mutual understanding and agreement on the terms, whether it is oral or written.

A Partnership Cannot Be Formed with an Oral Agreement