Task: Class Definition Understanding (ontology: Business_Finance/Financial_Industry_Business_Ontology)

Which of the following definitions best describes 'verbal contract'?

A. formal contract that is written and signed by the parties thereto
B. contract between named parties whose individual rights and obligations are not transferable to another party without prior written permission
C. contract that exists as a result of some verbal exchange
D. contract in which one party makes an express promise without securing a reciprocal agreement from the other party(ies)

Answer: contract that exists as a result of some verbal exchange