Is it true that a contract may be written or oral?

A contract can indeed be either written or oral, and both forms can be valid and enforceable under the law. The essential requirement for a contract is that there must be an offer, acceptance, and consideration, along with the parties' intent to create a legally binding agreement.

While written contracts are often preferred for their clarity and the ease with which they can be referenced in case of disputes, oral contracts can also hold legal weight, provided they meet the necessary criteria. However, it is important to note that certain types of contracts are required by law to be in writing due to the Statute of Frauds, which includes contracts related to real estate, contracts that cannot be performed within one year, and contracts for the sale of goods over a certain amount. This means that while both written and oral contracts can be valid, specific circumstances may necessitate a written form to ensure enforceability.

In summary, the statement that a contract may be written or oral is true because both forms can establish the terms of an agreement and be legally binding, depending on the context and subject matter.