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Download article as a PDF. Construction contracts do not necessarily have to be in writing. All states in the U.S. have a law â generally known as a statute of frauds â that requires certain types of contracts to be in writing in order to be a legally enforceable agreement. As the name suggests, the statute is designed to prevent fraudulent claims, especially in the case of large contracts.
Best Answer: A contract can be oral or in writing. Some contracts must be in writing such as a contract for the sale of land. An IOU is legal even on the back of a bubblegum wrapper if it is signed by both parties and dated but it does not have to be in writing.eport Abuse. Yes, it is legally binding, providing that other statutes weren't broken in obtaining the IOU or in the agreement itself. If you threatened someone to get them to sign it, it's not legal. If it's for an illegal enterprise, it is not legal. If you are charging excessive interest, again, not legal.