oral contract - Business Definition
The American Heritage® Dictionary of Business Terms Copyright © 2010 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.
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.
oral contract - Investment & Finance Definition
An agreement to do business or a sales transaction that has been spoken but not put on paper. Oral contracts are legally enforceable; however, it is a better business practice to put contracts in writing.