In many cases, your contract will not be considered binding unless you write it on paper and both parties sign it. This makes perfect sense because without the contract written down, there can be disagreements between the parties, and no third party -- such as a judge or arbitrator -- will be able to make a call on which side is correct.
The city of New York, New York, is viewed by many as a key business capitol. There are commercial transactions that take place every day there. Some involve small amounts, and others involve millions of dollars. When those transactions go awry, those involved may pursue commercial litigation. One of the reasons they may do so is when they feel that the other party engaged in deceptive practices.