False: A Contract Does Not Always Have to Be in Writing to Be Legally Binding
Contracts are legally binding agreements that establish the rights and obligations of the parties involved. While many people believe that a contract must be in writing to be enforceable, this is not always the case. In fact, contracts can be binding even if they are not in writing.
In general, contracts can be formed in a number of ways, including through verbal agreements, emails, text messages, and even through a handshake. The key element is the agreement between the parties involved. As long as there is a mutual understanding of the terms of the contract and an exchange of consideration (i.e. something of value, like money, goods, or services), the contract can be legally binding.
That said, there are some situations where a written contract is required by law. For example, real estate contracts must be in writing to be enforceable. Additionally, contracts for goods over a certain value (usually $500) must be in writing under the Uniform Commercial Code.
In general, it is always a good idea to put a contract in writing to avoid any confusion or misunderstandings down the line. A written contract can also serve as evidence in court if a dispute arises. However, if you have an agreement with someone and exchange consideration, that agreement can still be legally binding even if it is not in writing.
In conclusion, while it is often recommended to have a contract in writing, it is not always necessary for it to be legally binding. As long as there is a mutual understanding and an exchange of consideration, a contract can be enforceable regardless of its form.