“A contract is toilet paper”

A little hyperbolic, but more accurate than not when laypeople think about contracts.

A contract isn’t a magic spell, it is a declaration of shared understanding that can be used for clarity and in legal proceedings.

If you think of a contract as a way to ensure you get what you agreed, yes, it is toilet paper, because a contract doesn’t remove counterparty risk.

In a fight between a piece of toilet paper backed by millions in legal spending vs a rock solid contract backed by nothing -- the toilet paper (even if it is used toilet paper) will win every single time.

A piece of contract toilet paper is still better than a bare hand shake agreement.