That's why my grandfather bought a house with via a handshake with the seller and another handshake with the banker.

Now it's 50-100 pages of contracts and agreements to protect incompetent buyers, sellers, mortgage companies, and title companies.

My first car, I bought on my own I was attending BYU. The credit union in WA sent me the loan papers and the check for the loan together in the mail, trusting that I would fill out and return the paperwork. Imagine doing that now days.

Sadly, a lot of the problem with these kids is that they have figured out that the schools for the most part also feel no need to be bound be a verbal commitment. It is hard to teach that principle to teenagers when the institution asking for the commitment is willing to break it at will if they find a better athlete.

The only way to perhaps improve this is to move away from the whole concept of "verbal commitments". Make LOI Day a real guessing game. Not sure that would help BYU though.