I bought my first piece of real estate ON A HANDSHAKE, here in the States.  At first, the seller WONDERED if I'd be back to complete the deal, but within 2 days my attorney contacted her attorney!!!  At the real estate closing, the seller was quite surprised that based on an original handshake, my wife and I were able to finalize it!!! 

Deals like this happen all the time, even in North America. 

Ian, I understand when your Muslim friend stated that verbal agreements are binding in the Islamic business world.  In my eyes they are binding also here in North America. 

Here's another example, believe it or not, I struck a $ 125K deal on the golf course over a maintenance agreement with my software vendor (THIS WAS 2 YEARS AGO.)  We had been discussing the renewal contract as we golfed.  We went back and forth. By the end of our round (of golf) we came to terms and SHOOK on it. Two days later, a contract was on my desk, which was finalized!

Another example, just last night, I called my software vendor to renew our contract for maintenance, received an e-mail correspondence negotiating the terms and contract $, and a telephone message last night, ( I missed it). I returned the call this morning, it was 6:00 a.m. PST, discussed the details, and finalized everything verbally, and by Wednesday, I will  have a contract on my desk!!!

How's that for business dealings!!! Verbal with a gentleman's handshake, and then finalized within 2-3 business days.  That's how I do business, and I'm sure Foley does TOO!!!