Can a verbal contract exist between 2?

Salaam aalaikum wa rahmat allah wa barakatoh...

Thank you for your response. I also did a little research and came accross a verse in the Holy Quran:

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�O you who believe fulfill your contracts...�

(Al-Ma�idah: 1)

Also, I got the following:

The Prophet (peace and blessings be upon him) said:

�Muslims are bound by their stipulations.� (Abu Dawud & Al-Hakim)

By looking up the word "Stipulate" in the dictionary, I got the below meanings:

- To specify or arrange in an agreement: stipulate a date of payment and a price.

- To guarantee or promise (something) in an agreement.

and

Allah�s Messenger (peace and blessings be upon him) is reported to have said:

�Muslims are bound by their conditions, unless it be a condition which turns a halal (lawful act) into haram (unlawful act) or a haram into a halal.�

Thanks for your help :)

Salaam aalaikum.

Your brother,
alrasheeds

As Salaam Alaikum jameean...

I would like to learn what Islam Preaches about verbal contracts between 2 people???

I'll give an example (about Mr. X and Mr. Y) to make the situation clearer:

"If Mr. X has an item that he wants to sell because he needs the money. Mr. Y hears about this and comes to an agreement with Mr. X about the price and delivery date.

Mr. X informs Mr. Y that the delivery will be done after 1 day and he needs the money immediately to settle a commitment. Mr. X then informs the party he is commited to that he will make the payment after 1 day.

The next day Mr. X goes with the item to Mr. Y and all he gets from Mr. Y is 'Sorry, but my friends convinced me not to buy this because I don't need it, therefore, I don't want to buy it from you'

Finally, Mr. X informs Mr. Y that due to his actions and his false commitment, Mr. Y has caused Mr. X to lose over $500. This loss can be avoided if Mr. Y sticks to his verbal agreement that was confirmed (and re-confirmed) a day before.

Sorry to bother you with such a long example, but I would like to know what Islam preaches about such verbal agreements, because I feel that it is unjust to be the cause of someones loss by misleading them and falsely commiting to an agreement.

Thank you for your time and I hope that you provide me with valid resources that could shed light on this matter inshallah.

As salaam alaikum.

Alrasheeds