Parol

Part of speech: noun, adjective

Pronunciation: /ˈpæɹ.əl/

Definitions

1. A spoken commitment that exists without the requirement of formal documentation or a written contract serves to indicate an understanding between parties
2. A verbal agreement established through conversation rather than written documentation signifies a mutual understanding lacking formalities
3. An oral commitment made informally, without written evidence, reflects an understanding between individuals involved in the agreement

Etymology: The most striking thing about "parol" is that it is a doublet of "parable": two English words descended from the same Greek source, one arriving through Latin and the other through French. The Greek "parabolḗ" meant a comparison or placing side by side, and it passed into Latin as "parabola" and then into Middle French as "parole", meaning word or speech. English took that French form and gave it a legal sense, so a parol agreement is one made by spoken words rather than in writing. The legal sense is what survives in the everyday word. A parol contract, or a parol lease, is binding on the strength of what was said aloud, which is why the term is used in property and contract law to contrast with agreements under seal or set down in a document. The word's older French sense of simple spoken speech explains the connection: an agreement made by word of mouth is literally one made by speech.