whether one of the parties had the possibility of terminating the contract with a period of seven months (Blake v Voigt, 134 N.Y. 69); if the agreement merely set out the expected potential purchase terms, but neither party was linked to a specific transaction (Nat Nal Serv). Stas. v Wolf, 304 N.Y. 332; whether the defendant had the opportunity to suspend at any time the activities to which the agreement was linked (North Shore Bottling Co. against Schmidt & Sons, 22 N.Y.2d 171); whether the defendant had the opportunity to sell the leased property at any time for four years to the applicant (Coinmach Inds. Corp. vs. Domnitch, 37 N.Y.2d 889; if nothing in the agreement regulated, directly or indirectly, the performance time despite the extreme implausibility of its completion within one year (Freedman v Chemical Constr).
Co., 43 N.Y.2d 260, 265; whether the employment relationship could be terminated for a just and sufficient reason, if the dismissal was deemed necessary for the well-being of the business (Weiner against McGraw-Hill, Inc., 57 N.Y.2d 458, 462). In the absence of one or more elements of a valid contract in an oral contract, it is likely that a court will annul the agreement and it will not be enforceable. Many States have rules for certain treaties that must be written, which considers that oral agreements are insufficient. An oral contract may seem like a good idea if you have a good relationship with the person you`re going to do business with, especially if that person is a friend. Unfortunately, failing to receive a contract in writing can make it too easy for your partner to commit fraud or breach the terms of the agreement. Therefore, you should consider that it is in your interest to get a business agreement on paper. This information is not intended to provide legal advice, but to help you understand how oral contracts work in New York. This exception has been applied by New York courts in a number of contexts ranging from breach of an agreement for the supply of goods to oral joint venture agreements, even though they apply to real estate (which normally must be reduced to writing by law). For example, in the most recent case, Mendelovitz v. Cohen, a Brooklyn court, ruled that a formal letter was not necessary to impose such an oral joint venture agreement, given that the so-called joint venture agreement can be complied with within a year. First, the court found that Cohen had sufficiently invoked the existence of a viable contract by presenting “the parameters of the agreement he would have concluded with the Trump Organization.” Slip op.