The Courts Have Held That An Oral Partnership Agreement

Indeed, it is unlikely that a social contract would cover all the issues that might arise from the activities of a partnership and that might need to be supplemented by law or jurisprudence [note 4]. The social contract does not apply special rules. In practice, it is appropriate to indicate adequately who the partners are, under what name they will conduct their operations, the nature and extent of the operation, the capital contributions of each partner, the way in which profits are distributed and other similar provisions in this area. An oral agreement setting up a partnership is valid, unless the transaction cannot be fully carried out within one year from the date of conclusion of the contract. . . .