I'm here to help! The statement "A contract is valid only if it is agreed on in written form" is False.
1. **Verbal Contracts:** Contracts can be valid even if they are not in written form. Verbal agreements can still be legally binding, although they can sometimes be harder to enforce compared to written contracts.
2. **Requirements for a Valid Contract:** For a contract to be legally binding, it generally needs three elements: an offer, acceptance of that offer, and consideration (something of value exchanged between the parties).
3. **Exceptions:** While some contracts are required to be in writing to be enforceable (such as real estate contracts or agreements that cannot be completed within one year), many contracts can be oral and still valid.
Therefore, a contract does not have to be in written form to be considered valid. Verbal contracts can hold legal weight as long as the essential elements of a contract are present.
