"A Verbal Contract Is Every Bit as Binding as a Written

question 78

Essay

"A verbal contract is every bit as binding as a written one." Discuss the validity of that statement.

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Definitions:

Abraham Maslow

A renowned American psychologist who developed the hierarchy of needs theory, which suggests psychological well-being is based on meeting basic human needs.

Hierarchy

Hierarchy is a system or organization in which people or groups are ranked one above the other according to status or authority.

Needs

Fundamental requirements that individuals must fulfill to achieve basic physiological and psychological well-being.

Affective States

Various psychological states of emotion that range from positive to negative and can fluctuate based on experiences and perceptions.