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Vermont Contracts Legal Questions

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1 legal question has been posted about contracts by real users in Vermont. Ask your question and dive into the knowledge of attorneys who handle your issue regularly. Similar topics to explore also include breach of contract. All topics and other states can be accessed in the dropdowns below.

Is there an expiration period to a verbal agreement to sell shares to someone else if the transfer hasn't happened?

Answered 11 years and 8 months ago by attorney Bruce Robins   |   1 Answer
Bruce Robins
It is possible that the contract to which you refer could be considered one for the sale of securities, which is a type which may need to be in writing to be enforceable.  Assuming that the oral agreement is binding, however, if there is no time specifiied for payment, the law will imply a reasonable period, which can vary depending on the type of contract and other factors.  If payment is not made within that time period, the buyer has breached a material term of the contract and you are excused from performing.  Having entered into a binding contract to sell your shares, your current desire to sell or not is irrelevant, as is the changed value of the shares (except to the extent that it is evidence of what a reasonable time period for payment would be.) ... Read Answer
It is possible that the contract to which you refer could be considered one for the sale of securities, which is a type which may need to be in... Read Answer

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