How binding is a verbal agreement with respect to loans?

The only way that there is a legal chance of someone having money returned to them through legal channels after a verbal agreement is if there is a paper trail or evidence of the regarding purchase/s. Yet, this is a very slim chance because there is nothing to stop the other person claiming the money they received was a gift and you are now having money troubles and you are just making things difficult and if a court agrees with you, they do not often agree towards extra possible interest rates charged for late payments but only additional costs of occurance. Unfortunately, when it comes down to verbal agreements, lies can be told and they are all too often.

Generally I have a personal rule of if someone asks me for money and I can afford to give it to them, then I give it as a gift for a friendship or family value and then these occurrences never happen. There are plenty of legal advice channels available online and many advisory solicitors offer the first consultation for free if you are looking to take things further legally.

If a person promises to do something like pay off his loans or debts and reneges on the deal it is very frustrating and costly too. In some cases, this promise can be considered a binding legal agreement and you can take the dispute to small claims court if you have sufficient evidence to prove the terms of it. A verbal agreement is as legally binding as a written contract although it is harder to prove.

For an agreement to be considered contractual, one party must make an offer and the other party accepts it. The second factor for it to be considered a contractual agreement is that there is consideration of an exchange of value. There is a promise made of a gift or a statement of future generosity that is not forceable because both parties did not receive something that is of value.

But there are certain contracts that must be written in order for it to be valid like real estate sales, sales of property that is more than $500 and transfer of copyright. Loans are not included on this so you can have verbal agreement that is binding with regards to this. The time allowed to take the case to court is smaller compared to written agreement.

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