oral contract

oral contract definition - business

oral contract

A verbal agreement that is legally binding but may be unenforceable because of a lack of proof. Oral contracts for real estate are generally unenforceable. See also parol contract.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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