Question

A buyer and a seller agreed to a home sale. it was not written, but the parties shook hands to cement the deal. the buyer gave $2,000 to the seller as earnest money and immediately moved in to the property. this agreement is

Answer 1

An unwritten agreement between a buyer and a seller, who agreed to sell a home is known as verbal contract.

What is contract

A contract is an exchange of promise between at least two parties wherein the agreed terms are expressed either orally or in writing at a time it is made.

With regards to the above, contract is a written or expressed agreement between two parties to provide a product or service.

Hence, an unwritten agreement between a buyer and a seller, who agreed to sell a home is known as verbal contract.

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