Two parties can agree with each other and create their own contract. However, contract law requires that all contracts contain certain elements to be valid and enforceable. Wait a moment and try again. The Fraud Statute means that specific promises, such as exchanging property or performing certain tasks, must be in writing to be considered enforceable.
This means that if certain exchanges are promised, an oral contract will not be enforceable in a court of law. Yes, it must be signed by the individuals signing the agreement or representatives authorized to do so on behalf of the company. You are authorized to draft any document that can be recognized as valid and enforceable in a court of law, provided that it complies with the statutes and is valid and legal. Even though these documents can be used as evidence in court, they won't always result in a judgment your way.
All contracts must comply with legal requirements and certain guidelines to be considered enforceable. The reason it's often recommended to have draft attorney agreements is that they know the legal requirements and statutes that the court seeks to make the agreement valid. For example, if you hire a vendor to provide you with X and Y, but decide that you need to add Z to the final delivery, the supplier can create a binding contract by doing Z, something you can't question or avoid if you change your mind. For information on what a contract should look like, see the contract templates available in SCORE.
An oral agreement is difficult to prove, so if you end up in court over a contract dispute, you don't want to rely on a conversation you had a year ago as proof of an enforceable contract. At that time, and the law is clear about it, a legal contract exists only when one party makes an offer and the other party accepts all the terms of that offer. The simple answer is that it depends on the area or state's contract law and the people or parties involved, as the terms often vary. In addition, state law requires certain contracts to be in writing (real estate transactions, for example), while others are not.
The law may state that these types of contracts must be made in writing, but it doesn't usually say anything about them having to be typed.