- A verbal or spoken agreement. This type of agreement is legal, but because it is unwritten it is harder to prove.
verbal agreement, spoken promise, oral promise
Related Terms and Acronyms
- Bilateral Contract — Definition,
- A legal agreement in which both parties promise to give each other something. A purchase agreement in which the buyer promises to give money and the seller promises to transfer property is a bilateral contract.
- Breach of Covenant — Definition,
- Violation of a promise made in a contract or property deed.
- Burden of Proof (BOP) — Acronym,
- The legal requirement to provide enough evidence to win a lawsuit. In civil cases, such as tax court, the burden is decided by the preponderance -- the most -- evidence. Except in cases of tax fraud, the burden of proof in a tax case generally is on the taxpayer.
- Contract — Definition,
- An agreement between two or more parties that can be enforced by law.
- Covenant — Definition,
- A promise made in a contract or property deed.
- Guarantee — Definition,
- An enforceable warranty on the promise of quality of a product or formal promise by one person to take responsibility for the debts or obligations of another person if that person fails to meet them.
- Lease (lse) — Abbreviation,
- A written agreement in which the property owner allows a tenant to use property in exchange for rent, and for a specified period. Or, a written agreement in which a car dealer allows a consumer to use a vehicle in exchange for payments for a specified period.