[vc_row][vc_column][vc_column_text]Verbal contracts are also known as Parol contracts. Black’s Law Dictionary, 8th Edition, p. 323 defines “Parol Contract” as: “A contract or modification of a contract that is not in writing or is only partially in writing.” Simply put, Parol contract means “Word of mouth/ Oral contract.” The essential element of a valid contract are; Offer, Acceptance, Consideration and Intention to create legal relations. However, where an oral contract fails to satisfy one or more elements of a valid contract, such agreements will be declared void and unenforceable by the Court. Adedamola Oladapo.[/vc_column_text][/vc_column][/vc_row]