A critical thing to note about a verbal agreement is that it often comes with a paper trail and can have many forms of evidence to back it up, despite it being “verbal” in nature. Verbal here simply means that there was no formal contract written for the agreement.
For example, there can be a verbal agreement to sell a house for a certain amount that a buyer agrees to, even though a written agreement has not happened yet.
Types of evidence to back up that a verbal agreement are – letters, emails, texts, quotes, faxes, notes made at the time of the agreement, or proof of payment such as canceled checks or transaction statements. Thus all though there was no written contract between the parties, all these pieces of evidence are considered a “verbal agreement”.