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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.
While a contract is being performed, it is called an executory contract, and when it is completed it is an executed contract. In some cases there may be substantial performance but not complete performance, which allows the performing party to be partially compensated.n unwritten, unspoken contract, also known as a contract implied by the acts of the parties, which can be either an implied-in-fact contract or implied-in-law contract, may also be legally binding. Implied-in-fact contracts are real contracts under which the parties receive the benefit of the bargain.