The Paul
Member
How does that differ from the essential part of the agreement that was unsigned?
It may be different in Australia but in the US, verbal agreements can have the same weight or even supersede written agreements.
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Written agreements or not, verbal agreements can be as binding and can supersede written agreements.
There are special circumstances where this can be a good idea.
In general, it's a fucking terrible idea. The consequence is you can never really enter into a formal agreement with anybody. You can specify as many eventualities as you like, draw up a contract, have a legal office verify everything is in order, sign in front of however many witnesses, whatever.
If the other party doesn't like the way things are going, or just feels like they can manage to force you into a deal that's better for them, all they need to do is draw up a contract more favorable to themselves and claim you promised to sign it. If they manage to convince the judge that you said some things you never really said, or if the judge just finds them particularly sympathetic, fuck your contract, you just agreed to the new terms.