... reading of the Act, however, Section 1 subsection 3 states; "(3)Where a contract, obligation or trust mentioned in subsection (2)(a) above is not constituted in a written document complying with Section 2 of this Act, but one of the parties to the contract, a creditor in the obligation or a beneficiary under the trust ("the first person") has acted or refrained from acing in reliance on the contract, obligation or trust with the knowledge and acquiescence of the other party to the contract, the debtor in the obligation or the truster ("the second person") - (a) the second person shall not be entitled to withdraw from the contract, obligation or trust; and (b) the contract, obligation or trust shall not be regarded as invalid, on the ground that it is not constituted, if the condition set out in subsection (4) is satisfied." This part of the Act illustrates that the oral contract between ...

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