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UK-Justice, Barrister
Category: Law
Satisfied Customers: 16193
Experience:  Called to the Bar in 2007
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I held 30% of the shares in a company and transfered them back

Customer Question

I held 30% of the shares in a company and transfered them back to the owner ON THE UNDERSTANDING that they would be transfered back to me at a later stage. The owner has reneged on this verbal agreement. Does my verbal agreement with him ( and communicated with other parties including his wife ) have any legal standing
Submitted: 5 years ago.
Category: Law
Expert:  UK-Justice replied 5 years ago.
Thanks for your question, I will do whatever I can to help you. Please remember to rate my answer SMILEY FACE OR ABOVE.

Was it witnessed by anyone else?
Customer: replied 5 years ago.

It was discussed with my two brother in laws and sister and explained to the accountant whi is both my accountant and the company's accountant

Expert:  UK-Justice replied 5 years ago.

Agreements can be verbal as well as written but oral ones are harder to prove.

You need witnesses to that conversation.

But yes, an agreement that is oral is still a contract.

As such if this oral contract has been breached you can sue for loss and damage as a result of the breach.

I hope this helps.

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Expert:  UK-Justice replied 5 years ago.
I'm just following up with you to see how everything is going. Did my answer help?