VERBAL AGREEMENT Meaning and
Definition
-
A verbal agreement is a contract or arrangement between two or more parties that is conducted solely through spoken words, without any written documentation. It is an agreement that is expressed and agreed upon through verbal communication, such as conversations, in person or over the phone. This type of agreement is typically based on the trust and understanding between the parties involved.
Despite the lack of written formalities, a verbal agreement is legally binding and enforceable under certain circumstances; however, the difficulty lies in proving the existence and terms of the agreement without written evidence. Verbal agreements are commonly made in informal settings, such as between friends or family members, or in situations where a written contract is not practical or possible, such as spontaneous or urgent transactions.
The terms and conditions of a verbal agreement may include various aspects, such as pricing, product or service descriptions, delivery terms, payment terms, and other mutually agreed-upon obligations. However, it is crucial for all parties involved to have a clear understanding of the terms and to avoid any misunderstandings that may arise due to the absence of a written contract.
In summary, a verbal agreement is a legally binding contract formed solely through spoken communication, without written documentation. It requires trust and understanding between the parties involved and may be enforceable, but can present challenges when it comes to proving the agreed-upon terms and conditions.
Common Misspellings for VERBAL AGREEMENT
- cerbal agreement
- berbal agreement
- gerbal agreement
- ferbal agreement
- vwrbal agreement
- vsrbal agreement
- vdrbal agreement
- vrrbal agreement
- v4rbal agreement
- v3rbal agreement
- veebal agreement
- vedbal agreement
- vefbal agreement
- vetbal agreement
- ve5bal agreement
- ve4bal agreement
- verval agreement
- vernal agreement
- verhal agreement
- vergal agreement
Etymology of VERBAL AGREEMENT
The word "verbal" originates from the Latin word "verbum", which means "word". It entered the English language in the late 16th century, referring to something that is expressed or conveyed through spoken words.
The word "agreement" derives from the Latin word "ad-" meaning "to" or "towards", and "gravare" meaning "make heavy" or "burden". It was used in the sense of coming to a mutual understanding or arrangement.
Therefore, the term "verbal agreement" combines the Latin root for spoken words ("verbal") with the concept of reaching a mutual understanding or arrangement ("agreement"). It refers to an agreement that is expressed or made through spoken words rather than in writing.
