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Verbal Agreement Binding

oboloo Glossary

Verbal Agreement Binding

A verbal agreement binding is a legally enforceable promise or contract made between two parties. This type of agreement does not require any written document and is based solely on the spoken words of the involved parties. All such agreement requires an offer, acceptance and consideration for the validity of an oral agreement. Verbal agreement bindings are considered valid in a court of law, provided both parties can remember precisely the terms and scope of the agreement that was made. Since there is no proof of the actual terms, it is up to the court to determine the authenticity and validity of a verbal agreement binding.

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