Our contract lawyers at Davis Business Law provide the best legal research, review, and analysis services in Dallas. Business Contracts and Agreements.The first component of a contract is that both parties agree to enter into some type of agreement which is mutually advantageous. The most basic principal of contract interpretation is that a contract is interpreted objectively and not subjectively. In Texas, many verbal agreements are indeed legally binding, provided they meet specific legal requirements such as mutual consideration and specificity. Under Texas law, verbal agreements can be legally enforceable. Schedule A Consultation At Our Dallas Office. Contact us to learn how we can help answer your legal questions. When one party to a contract commits a "material breach" of that contract, the other party is discharged or excused from further performance. If you have a breach of contract in the Dallas-Fort Worth area, Wright Commercial Litigation has an expert attorney that can help.