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Encyclopedia > Verbal contract

An oral contract is a contract that exists only in verbal communication, having not been written down or only partially written; in the latter case, the partially written contract lacks a memorandum. Oral contracts are just as binding as written contracts, proividing that sufficient proof of the contract exists. The statute of limitations is often shorter in regard to oral contracts than written contracts.


"An oral contract is as good as the paper it's written on."


  Results from FactBites:
 
VERBAL - Definition (238 words)
Expressed in words, whether spoken or written, but commonly in spoken words; hence, spoken; oral; not written; as, a verbal contract; verbal testimony.
(Gram.) Of or pertaining to a verb; as, a verbal group; derived directly from a verb; as, a verbal noun; used in forming verbs; as, a verbal prefix.
{Verbal noun} (Gram.), a noun derived directly from a verb or verb stem; a verbal.
Verbal Contract Information - Online Lawyer Source (424 words)
The acceptance of a verbal contract occurs when the person to whom the contract is offered voluntarily indicates agreement to its terms and conditions.
Verbal contracts are a convenient and commonly used form of agreement between two parties.
However, the main problem with a verbal contract is that if any problems should arise and there were no witnesses to the agreement, the case is reduced to one party''s word against another''s.
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