This article gives basic information on contracts and the general rights and remedies under a contract. Texas follows the Statute of Frauds for real estate contracts.Texas contract law impacts you everyday, whether you realize it or not. If you have questions about contracts, contact our legal team for help. In Texas, many verbal agreements are indeed legally binding, provided they meet specific legal requirements such as mutual consideration and specificity. Your verbal offer and the the seller's verbal agreement isn't legally binding at all. The effective date should always be filled in on page 8 of the contract and the responsibility for completion falls to the Realtors involved in the transaction. Offer and acceptance.