Handshake deal

src: massrealestatelawblog.com

The handshake agreement is a verbal commitment to a transaction. For an agreement or agreement to become binding: a person must witness an agreement take place, have a follow-up email or some form of communication to another party, have correspondence or other documentation that may be used as "evidence" in court or other legal requirements, and/or start doing for agreement in agreement.

Video Handshake deal

Example

Example 1: A

• has a business, just like B.
• The desire to merge with B.
• B approves the business merger with a handshake agreement.
• Six months later, A wants to start a merger, but B refuses.

• B does not have to accept because the transaction is not binding.

Example 2: A

• has a business, just like B.
• The desire to merge with B.
• B approves the business merger with a handshake agreement.

• At that moment C sees Agreement happen.

• Six months later, A wants to start a merger, but B refused

• Since C sees a handshake deal happen, it binds and B must merge.

Example 3:

• While in a shared bar, A and B want to start a business.
• On a napkin, they agree to split the profit, 50/50.
• Some time later, A and B made a very successful business.
• A found that he received 40% of the profit while B received 60% of the profits.

• Since the agreement is also written on a napkin, it becomes binding.
• In court, it was decided that A had to be replaced by B for total money A had been deceived.

Maps Handshake deal

See also

• Oral contract

src: www.360salessolutions.com

References

Source of the article : Wikipedia