Agreement-Acceptance Contract

Where the power to terminate the contract is limited in one way or another, the contract is generally considered binding. However, the implementation of a commitment not made in a flawed bilateral treaty may render the other commitment legally binding. For example, in virtually all States, an oral treaty on the transfer of ownership is not only unenforceable, but absolutely null and void. (See discussion on the status of fraud below) A seller who orally promises to transfer to a buyer land for which the buyer orally promises a certain amount may sue the buyer over the price if the buyer receives ownership of the land from the seller. The buyer is not exempted from his payment commitment due to the execution of the verbal promise not made by the seller. . . .