Binding Contracts Need Not Be In Writing

By Amy E. Feldman

PHILADELPHIA (CBS) - Is a coin toss legally binding?

An 11-year-old boy, hunting with his father last month, shot a deer, but the deer ran off into a neighboring property where the homeowner also had a gun, which he used to fire the two rounds that killed the deer. The dad and the homeowner came to a gentleman's agreement over who got to keep the deer by agreeing to a coin toss, which the property owner won.

Imagine that, two civilized men with guns settled their disagreement by neither shooting nor suing but rather by agreeing.

If the parties agree, is the outcome of a coin toss, though left to chance, legally binding?

In general, parties who agree to all the terms of a contract don't have to write it down for it to be binding. That said, there are some contracts that need to be in writing in order to be valid: contracts for the sale of land, contracts for services that last for more than a year, and some states say that contracts for the sale of goods worth over a certain amount of money must be in writing.

To remedy this problem, put the agreement in writing.

I agree that whoever wins this coin toss will win the deer. Now sign here, here, and here. I call heads. Of deer.