“Despite popular belief, oral contracts are enforceable. They usually are not in your best interests, and end in a “he said, she said” battle. But as long as there is enough evidence, a court will enforce an oral agreement. However, there is one particular exception to this rule, and it’s called the Statute of Frauds.”
Statute of Frauds are certain situations that are required by law to be written contracts. Moreover, not all written contracts are strong enough to be legally binding. Take for example any electronic or commercial product you’ve ever purchased, their terms and conditions are extremely lengthy and carefully worded as well as legally binding.

– See more at: http://blogs.findlaw.com/law_and_life/2011/10/are-oral-contracts-enforceable.html