Do you know enough about contracts?

PEOPLE may question why I write about contracts and agreements because they believe that everyone already understands these simple and basic matters. But does Joe Public really know contracts and agreements if he does not deal with them often?

Some people think a verbal agreement is not valid, insisting that a contract must be in writing to be valid. Others think it must be stamped. There is also the belief that if a contract has no witness, the document is not valid.