“Verbal consensual contracts are binding upon the contracting parties immediately upon their consents being interchanged, and neither of them can afterwards resile from the transaction …. But if it be agreed that their contract shall be reduced to writing, such agreement being pars contractus, the contract is not finally entered into, nor does it become binding, until the writing has been executed.” John Trayner, Trayner’s Latin Maxims 436 (4th ed. 1894).
pars contractus
pars contractus (pahrz k[schwa]n-trak-t[schwa]s). [Law Latin] Hist. Part of the contract.
