Oral Agreement
Definition
- A verbal or spoken agreement. This type of agreement is legal, but because it is unwritten it is harder to prove.
Synonyms
oral promise, spoken promise, verbal agreement
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.
