A verbal agreement is a type of agreement that is made without any written documentation. It is one of the simplest forms of agreements in business and personal transactions, and it can be used to finalize deals between two parties. In certain situations, however, a verbal agreement may not be enough, and other terms can be used to describe this type of agreement.
One of the most commonly used terms that is interchangeable with verbal agreement is an oral agreement. The term oral agreement is often used in legal documentation and is considered to be a more formal term than verbal agreement. This is due to the fact that oral agreement is a term that is used in legal contracts and has a more formal connotation to it.
Another term that can be used in place of verbal agreement is a handshake agreement. The term handshake agreement refers to an agreement or deal that is made through a handshake between two parties. This type of agreement is often considered to be binding, although it may not always hold up in a court of law if there is no written documentation.
A gentleman’s agreement is another term that can be used to describe a verbal agreement. This term is often used in situations where two parties have an informal agreement that does not require any written documentation or legal representation. The term ‘gentleman’s agreement’ has an old-fashioned feel to it and is used more commonly in personal transactions than in business transactions.
In conclusion, verbal agreements can be described in different ways, and there are many different terms that can be used to describe this type of agreement. An oral agreement, handshake agreement, and gentleman’s agreement are just a few examples of other names that can be used in place of verbal agreement. It is important to note, however, that regardless of what you call it, a verbal agreement should always be taken seriously and entered into with care.