I lost 2 grand this way when I was 17. I chalked it up to an (at the time) expensive life lesson. In retrospect it was cheap. I wonder how many other people learn the verbal contract lesson the hard way, probably way more than admit it.
The thing is, that lesson isn't quite right. Contracts do not need to be in writing most of the time unless you meet certain criteria. A verbal contract is as legally binding as one written on a napkin as one written on 30 sheets of legal paper. I'm trying to find the original case law but I can't remember their names. Basically some guy agreed to sell something at a restaurant and then tried to back out later saying he was drunk or joking, the courts enforced the sale.
