> A verbal contract is just as legally binding as a written contract.
This is the general principle in Common Law taught to law students in Contracts 100, but it really depends on the subject of contract and jurisdiction.
For example, many jurisdictions have legislation requiring all real property sales to be in writing. Many others require certain financial instruments or transactions to be in writing. And so on.
So while a verbal agreement may raise questions of honour and sometimes equity ("equity" as in the body of law, not the moral concept), it can often be considered non-contractual.
This is the general principle in Common Law taught to law students in Contracts 100, but it really depends on the subject of contract and jurisdiction.
For example, many jurisdictions have legislation requiring all real property sales to be in writing. Many others require certain financial instruments or transactions to be in writing. And so on.
So while a verbal agreement may raise questions of honour and sometimes equity ("equity" as in the body of law, not the moral concept), it can often be considered non-contractual.
IANAL, TINLA.