Oral contract for sale of land

Mountain v. TD Canada Trust Company, 2012 ONCA 806 sets out the requirements necessary to find a binding oral agreement for the sale of land:

[66]       Fundamentally, the issue whether a valid and binding oral agreement exists does not depend on the existence of a formal written document between the contracting parties: see Bawitko Investments Ltd. v. Kernels Popcorn Ltd. (1991), 79 D.L.R. (4th) 97 (Ont. C.A.), at pp. 103-104. The essential terms of an oral contract for the purchase and sale of real property are the parties, property and price: seeMcKenzie v. Walsh (1920), 61 S.C.R. 312. If these terms have been agreed on, then a contract may be found without the need for evidence of a written agreement. The trial judge misconceived the applicable legal test for proving an oral agreement by considering the lack of written documentation as being strong evidence against Gary's claim.