Is a Verbal Agreement Valid?

A common but mistaken belief is that a verbal contract isn’t any good and can’t be enforced. This is not true. In Florida, and in many other states, a contract need not be in writing to be binding.

Whether written or oral, any agreement just needs to have three elements to be a real contract. You need an offer, acceptance of that offer, and consideration for the deal. Here’s a simple illustration. You offer to paint someone’s house for $5,000. The customer agrees and you both shake on it. The deal gets formalized once payment of the $5,000 is made from the customer to you.

There are certain agreements which must be in writing. In Florida these include contracts for the sale of real estate or contracts that will take longer than one year to complete.

And while oral contracts can work in many instances, it is always best to formalize any agreement in writing and avoid the possibility of any future confusion in what was agreed to.