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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.
This means that you and the credit card company put the terms of the agreement in writing. Often, you agree to the contract terms listed on the credit card application when you sign it. In California, the statute of limitations for a written contract is four years. Two-year statute of limitations for oral contracts. It is unlikely that your credit card agreement is an oral contract, meaning that you entered into a verbal agreement with the credit card company and did not write down the terms.