Hi Can anyone tell me whether a verbal agreement is binding, here is the situation. We owned a building that we traded from for x number of years, to free up capital we decided to sell the property and lease back a proportion of it. However the new owners were very slow in producing the lease(building sold September 2006 and the lease was ready December 2007) Since this time we have decided that the business was no longer viable so wish to move on. As no lease was signed, we wish to give a months notice. is this legal or can we be held to the terms of the proposed lease.