![]() Zehmer that even an agreement made on a piece of napkin can be considered a valid contract, if the parties were both sane, and showed mutual assent and consideration. ![]() For example, Virginia Supreme Court has held in Lucy v. Otherwise, the parties may enter into a binding agreement without signing a formal written document. Statutory law, such as the Statute of Fraud, may require some kinds of contracts be put in writing and executed with particular formalities, for the contract to be enforceable. This private law may override many of the rules otherwise established by state law. Private law principally includes the terms of the agreement between the parties who are exchanging promises.
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