Are oral contracts considered valid?

Oral contracts are considered valid in many situations, making the assertion true. Generally, contracts can be formed either in writing or verbally, and many jurisdictions recognize oral agreements as legally binding, provided they meet certain foundational elements of a contract: an offer, acceptance, consideration, and mutual intent to enter into the agreement.

However, some contracts must be in writing to be enforceable under the Statute of Frauds, which varies by jurisdiction. Examples of such contracts include those involving the sale of real estate, certain contracts that cannot be performed within a year, and agreements to pay someone else's debt. Despite this, many informal agreements and transactions that can be executed immediately do not require written documentation and are still enforceable.

Thus, while there are some limitations and specific circumstances where a written contract is necessary, oral contracts are generally valid and enforceable in many cases.