Meaning of the word "verbal agreement" in English

What does "verbal agreement" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

verbal agreement

US /ˈvɜːrbəl əˈɡriːmənt/
UK /ˈvɜːbəl əˈɡriːmənt/

Phrase

an agreement that is spoken rather than written

Example:
We made a verbal agreement to share the profits.
Although it was only a verbal agreement, he honored his word.