Are oral contracts still used in the entertainment industry, and what are the pitfalls of agreeing to terms orally rather than in writing?
What will be an ideal response?
Yes, oral contracts are still used in the entertainment industry, but much less frequently than in the early days of Hollywood entertainment. As more money and people are involved in a contract, parties to an agreement will often not even begin to perform a contract today until it is in writing and signed by the parties involved. Aside from the fact that certain contracts must be in writing (under the statute of frauds), one of the most important pitfalls of having a contract without a written agreement is proof of what was actually agreed upon, after the fact.
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