Depending on what it is, some verbal agreements might be considered oral contracts and some might not. For example, an agreement to go to someone's party or to babysit someone's children will not be a contract. But, an agreement to buy something might be a contract. Most people who do business of any kind will follow up a verbal agreement with an email or letter where the terms of the agreement are spelled out. If you ever get one of these, you should read it carefully and object in writing quickly if you disagree with what it says. That is because such an email or letter can have the power of being a contract. There are many businesses, even large scale businesses working for a real lot of money, that operate on verbal agreements. This is particularly true in certain entertainment fields. This is usually where the people all know each other and trust has built up over the years. If you have a particular contract in mind, you should show it to a lawyer and let them help you with it. If you have made an oral agreement and want to spell it out in writing as a contract, let a lawyer do that for you, too.
Answered on Sep 03rd, 2015 at 3:32 PM