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Noun. 1. oral contract-an agreement that is not in writing and is not signed by the parties but is a real existing contract that lacks only the formal requirement of a memorandum to render it enforceable in litigation.
A contract is a legally binding document or agreement between multiple parties. An oral contract is an agreement that outlines the terms of a contract through spoken communication. In essence, an oral contract is an affirmed contract. However, the only difference is the way in which the agreement is delivered. In an oral contract, the stipulations of the agreement are agreed upon through oral communications, whereas the stipulations in a traditional contract are transacted via a written document. The ways in which the stipulations of the contract are exchanged are not as important as the stipulations themselves.