What elements does a verbal contract need to be legally binding? And why are verbal contracts problematic in business?

While written contracts are always preferred, sometimes contracts can be verbal. What does the law say for verbal agreements?

Post your response to the following question:

What elements does a verbal contract need to be legally binding? And why are verbal contracts problematic in business? Try and find a suitable case(s) with which to illustrate your answer.
Post a thorough response to the question. Your answer is not as important as your analysis of the facts and law.

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