A contract is nothing more than agreement between two parties where they agree that one of the parties will do something in exchange for compensation from the other party. Your agreement with your friend could be construed as a verbal contract. In fact, if he stiffs you, your only legal recourse may be to sue him for breach of contract.
Maybe John T., Esq., will throw in his two cents on this topic.
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Today's Featured Article - Tractor Profile: Farmall M - by Staff. H so that mountable implements were interchaneable. The Farmall M was most popular with large-acreage row-crop farmers. It was powered by either a high-compression gas engine or a distillate version with lower compression. Options included the Lift-All hydraulic system, a belt pulley, PTO, rubber tires, starter, lights and a swinging drawbar. It could be ordered in the high-crop, wide-front or tricycle configurations. The high-crop version was called a Model MV.
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