An oral contract is an agreement made through spoken communication rather than written documentation. It involves two or more parties who agree to specific terms and conditions verbally. While these contracts can be legally binding, proving their existence and terms can be challenging in case of disputes. In many jurisdictions, oral contracts are enforceable as long as they meet certain criteria, such as mutual consent and consideration. However, some agreements, like those involving real estate or lasting longer than a year, typically require written contracts under the Statute of Frauds to be enforceable.