What can be done regarding the breach of an oral contract?

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What can be done regarding the breach of an oral contract?

Father had a partner in a vacation rental business. He kept the property in JTWROS. He and partner had an oral agreement that if he had passed away, and upon the sale of the vacation rental, his family would receive his initial investment back as well as half of the proceeds. My father passed, and his ex-partner agrees that they had the agreement but says that he won’t honor it because he lost money in the course of running it. Should we take this to court or let it go? It is a significant amount if money.

Asked on May 29, 2015 under Estate Planning, Ohio

Answers:

S.L,. Member, California Bar / FreeAdvice Contributing Attorney

Answered 5 years ago | Contributor

Sorry to hear about your father.

It would be advisable for your father's estate to sue the ex-partner for breach of contract.  The fact that the ex-partner lost money running the vacation rental does not relieve him of his obligations uner the terms of the contract.


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