1. an agreement that is not in writing and is not signed by the parties but is a real existing contract that lacks only the formal requirement of a memorandum to render it enforceable in litigation;
WordNet (r) 3.0 (2006):
oral contract
n 1: an agreement that is not in writing and is not signed by
the parties but is a real existing contract that lacks only
the formal requirement of a memorandum to render it
enforceable in litigation