1. Are written contracts preferable to oral contracts?
Written contracts are preferable to oral contracts for three key reasons. First, it is significantly easier to rely upon a written contract when seeking to enforce or comply with agreed rights and obligations. Second, a written contract that is drafted in clear and succinct language offers clarity to both parties by replacing the need to rely upon their memory and preventing differing understandings of the agreement. Third, a written contract provides transparency and equal certainty to contracting parties which is likely to strengthen their business relationship.