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Elements of a Valid Contract Under Texas Law Under Texas law, a contract is formed when an offer involving consideration is made by one party and accepted by the other. Statute of Frauds Limitations to Verbal Contracts In order to avoid defrauding citizens, the Statute of Frauds also requires certain contracts to be made only in writing.

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Breach of Oral Contracts A breach of oral contract takes place if all of the following conditions are met: A valid contract exists between the parties. The plaintiff or the suing party performs its obligation under the contract. The defendant fails to perform its obligation.

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The plaintiff incurs damages due to the defendant's breach or failure. Enforcing Oral Contracts in Texas In order to be valid, a contract must have the following essential elements: An offer Acceptance of the offer A meeting of minds i. Was this document helpful? Share it with your network!

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Trusted By. Content Approved by UpCounsel. Be aware that certifications standards, inspection standards, and warranties can vary greatly from dealer to dealer. As with any warranty, used car buyers must know what systems are covered and not covered and for what length of time.

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A professional pre-purchase inspection is still required to determine existing problems that are not covered under the limited warranty. These pricing guides and web sites calculate used car prices based upon current sales in your region plus additions for optional equipment and deductions for excessive miles. These web sites and publications cannot give deductions for any existing mechanical problems or previous accident damages.

The true value of a used vehicle is the book value minus any needed repairs, abuse, or previous accident damage.

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Only a physical professional inspection can determine if the vehicle has previous accident or flood damage. Vehicles with altered miles or excessive wear and tear will be worth much less than book value. Any ideas? Sponsored Links.

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