It's accurate to say this. An oral contract involving specifically produced items is enforceable in these circumstances without a written document under the UCC statute of frauds.
<h3>Can you enforce a verbal contract?</h3>
As long as the fundamental components of a contract—an offer, an acceptance, a transfer of consideration, and an agreement on the terms of the contract—are present, oral agreements will typically be upheld in court. An oral contract can be enforced even if non-essential conditions have not been agreed upon.
<h3>Is an oral agreement still binding?</h3>
A handshake agreement may nevertheless qualify as a contract and be upheld by a court, albeit frequently with difficulty. However, verbal agreements might leave room for ambiguity regarding the rights and obligations of each participant. If you don't have anything on a paper outlining what you both agreed to accomplish, a disagreement could occur.
Incomplete question. However, I inferred you are referring to the prescriptive Period for violation of special laws as enshrined under Act. No. 3326 guiding the Philippines.
Note that the prescriptive period refers to a legal terminology that simply refers to the maximum period (time) after an event before legal proceedings may be initiated.
Here's a summary of the act;
Section 1. Violation of special laws should be:
"(a) after a year for offenses punished only by a fine or by imprisonment for not more than one month, or both;
(b) after four years for those punished by imprisonment for more than one month, but less than two years;
(c) after eight years for those punished by imprisonment for two years or more, but less than six years; and
(d) after twelve years for any other offense punished by imprisonment for six years or more, except the crime of treason, which shall prescribe after twenty years. Violations penalized by municipal ordinances shall prescribe after two months.
Section. 3 defines special laws as acts defining and penalizing violations of the law not included in the Penal Code.
In economics, a demand schedule is a table that shows the quantity demanded of a good or service at different price levels. A demand schedule can be graphed as a continuous demand curve on a chart where the Y-axis represents price and the X-axis represents quantity.