Krunal,
Nice discussion topic!

The term ‘verbal contract’ actually refers to any agreement which can be expressed in words, and that means all written contracts as well as those that have only been discussed. The major practical differences between ‘oral contracts’ and ‘written’ ones are to refer to a contract that’s only spoken about; it’s always best to use the term oral contract.
The terms ‘verbal contract’ and ‘written agreement’ can both be used correctly to refer to the same things; a ‘written contract’ is much more specific. Using the term ‘written contract’ when referring to one that is expressed in words on paper and signed by both parties avoids any confusion caused by the ambiguity of the term ‘verbal contract.’

A written contract always refers to a document that outlines an agreement entered into by two parties. These parties might be people, organizations or businesses, but their identities will be specified in the contract. For written contracts to be valid and binding, they need to be signed by both parties. For some written contracts, counter-signatories might be required, or witnesses.