Pais – this term comes from Latin and in terms of Law of Contracts, it means: “verbal agreement”. It is used to indicate agreements that do not exist in writing (also known as “hand shaking”) and have been made only via spoken words, but following the provisions of the local legislation, if made are valid and fully binding the parties; respectively a performance could be persued and non-performance could be claimed. The provisions of the Law of Contracts in many legal systems precisely detail the types of contracts could be concluded as parol contracts. A synonym is “mouth contract”, “oral agreement” and “parley contract”.

Posted in: P