Why You Should Stay Away From Oral Agreements

Law360, New York (January 3, 2014, 1:16 PM EST) -- Litigation between two business school graduates over the termination of their oral partnership agreement lasted four years longer than their five-month partnership. Unless the goal is litigation, Gelman v. Buehler, 20 N.Y.3d 534. 964 N.Y.2d 80 (2013) reversing 91 A.D.3d 425 (1st Dept. 2012) (#101535/09), is a reminder that partnership agreements, although not required to be in writing, should be in writing, so that there is at least a baseline for what the partners intended when the relationship sours.

The Claim

According to the amended complaint,...
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