Did You Know: About the legalities of verbal agreements with family members?
When you make a verbal agreement with a family member, is the agreement binding? Verbal agreements come in all shapes and sizes ranging from “I will mow the lawn if you wash the car”, or “I will give you pocket money if you do your chores”; to the more complex agreements like “I will pay for the plane tickets, but you need to pay me back”, or “I will give you the deposit to buy a house, but the money will be taken out of your inheritance”. Verbal agreements can be enforceable under contract law. To be binding, a verbal agreement has to have the following [...]