A contract in which one party promises to keep an offer open (such as an offer to sell property) for a specified period of time, usually in return for consideration. See also stock option. oral.ADJ. Verbal; stated in speech, not in writing. oral argument. N. A verbal statement made by counsel before a court arguing in support of a position. oral confession. N. A verbal statement confessing to having committed a crime. oral contract.N. A contract that is made verbally, or partly verbally and p...