This is an updated version of a post I put online several years ago, in response to complaints about "handshake" offers from a particular agent at a large agency.
That agent is no longer making those offers (as far as I know). And handshake agreements are rare these days. But I've recently heard from several writers who received handshake or no-contract offers from other agents at other agencies--so it's not impossible that you may encounter such an offer in your agent search. If you do, there's reason to be cautious.
According to Wikipedia, a handshake agreement, or oral contract, is






