Which of the following is true about oral contracts?

Oral contracts can indeed be valid and legally enforceable depending on the circumstances surrounding the agreement. Generally, the enforceability of an oral contract depends on various factors, including the specific terms of the contract, the subject matter, and the jurisdiction's laws. For many types of agreements, oral contracts are recognized as binding, provided that they meet the basic elements of a contract: offer, acceptance, consideration, and mutual intent to enter into the agreement.

However, certain contracts require written form to be enforceable under the Statute of Frauds, which typically includes sales of goods over a specified value, agreements that cannot be performed within a year, and contracts related to real estate transactions. In situations where the statute does not apply, an oral contract can still be legitimate and enforced in a court of law, demonstrating that context and specific details matter significantly in determining their validity.