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Normally, it is leagally binding. But practically, you better forget it; if your boss intentionally break the promise and you have nothing to show in regard to the deal, who knows the deal is exist.
In contract law, whoever offer you a consideration for completing something for him and you have done it, the agreement shall become valid even in verbal. However, you will come across any kind of difficulties on the burden of proof, as it is rely on you to prove that he has breached the agreement between you and your boss.
I just wondering if it is the fact that happened to you...