Oral contracts can be applied if they are properly concluded in front of witnesses. For example, texaco made a higher bid in 1984, after Getty Oil was sold to Pennzoil in a handshake deal, legally binding under New York law, and the company was sold to Texaco. (Although the case was tried in Texas, New York law was in effect.) Pennzoil filed a complaint for unauthorized breach of the oral contract, which was upheld by the court and subsidized $11.1 billion in damages, which were later reduced to $9.1 billion (but were increased by interest and penalties).  The document contains all the important features such as the parties, the requirements of each party to the contract and even penalties for non-compliance with the terms of the agreement.