A contract must be in written form for being enforceable, where the activities involved under the contract are to be performed over a period exceeding at least one year. Therefore, the statement given above is true.
A contract can be referred to or considered as a legal agreement enforceable by law. Each contract is such that it involves the engagement of at least two parties.
A contract can be in writing or oral form. However, when there is a condition of performance of activities in a contract that exceeds a period of one year, then such contract must be written and documented.
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