Which of the following statements regarding contractual agreements is true?

Contractual agreements can be created without the necessity of being in writing, which is the basis for selecting the correct option. While some contracts, particularly those involving significant transactions or certain types of agreements (like real estate, for example), often require a written form under the law (such as the Statute of Frauds), many agreements can be valid and enforceable without a written document. Oral contracts are often legally binding as long as they fulfill the essential elements of a contract: offer, acceptance, consideration, and an intention to create legal relations.

This flexibility means that parties can enter into contracts based on verbal discussions or informal agreements, allowing for a broader range of interactions. However, while the option regarding the necessity of a written form is accurate in many situations, it's important to remember that certain contracts may be subject to specific legal requirements.