Let me put in a good word for contracts. Contracts are private agreements, voluntarily entered into by companies and individuals. These voluntary private agreements are legally enforceable. Imagine the chaos of a system without contracts and rules. Enforceable contracts are one of the bedrocks of our economy.
Contracts are one of the three fundamental reasons why our system of commerce flourishes.
And contracts are nothing new. Contracts are mentioned in the Bible and other ancient texts. Some people mistakenly think that if they don't write out the terms and conditions of a contract, no contract exists. Wrong, wrong, wrong. Contracts can be created verbally, in writing, or by actions.