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Does a verbal option agreement hold water?

Does a verbal option agreement hold water?

“I’ve had my eye on a farm and approached the farmer about two years ago to sell. His asking price was more than I could afford at the time, but he was prepared to grant me an option for a period of five years to purchase the property on terms which we orally agreed...

In terms of the Government Gazette Vol:657 Dated 26 March 2020 No 43164 - Information regarding COVID19 can be found at HERE