babycat
15:48
Warning
Info
Warning
Info
LSDefine
Simple English definitions for legal terms
verbal contract
Read a random definition: subsistence
A quick definition of verbal contract:
A verbal contract is an agreement between two or more people that is spoken instead of written down. It is still a real contract that can be enforced by law, but it can be harder to prove what was agreed upon without written evidence. A contract is when people promise to do something and if they don't, there are consequences. Sometimes people use the word "contract" to mean the written document that shows what was agreed upon, but really it's the agreement itself that matters.
A more thorough explanation:
A verbal contract is an agreement between two or more parties that is made through spoken words rather than a written document. It is also known as a parol contract.
For example, if you agree to sell your car to a friend for $5,000 and your friend agrees to pay you, this is a verbal contract. Even though there is no written agreement, both parties have made a promise that is legally enforceable.
Verbal contracts can be difficult to prove in court because there is no written record of the agreement. However, they are still considered valid contracts as long as they meet the same requirements as a written contract, such as an offer, acceptance, and consideration.