Everything about Verbal Contract totally explained
A
verbal contract is any
contract which is expressed in words (written or spoken).
This contrasts with a contract which is implied by actions of the
parties. An implied contract can be either
implied in fact or
implied in law. A contract which is implied in fact is one in which the circumstances imply that parties have reached an agreement even though they've not done so expressly. For example, by going to a doctor for a physical, a patient agrees that he'll pay a fair price for the service. If he refuses to pay after being examined, he's breached a contract implied in fact.
Verbal contract is a frequently
misused expression. It is often used by journalists when they mean to say
oral contract. When used in this sense, the term is confusing as well as incorrect, since a written contract is also a
verbal one.
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