Which of the following statements about agency contracts is true?

Agency contracts can indeed be either verbal or written, which makes the first statement true. In the context of agency law, an agency relationship can be established through various means, including written agreements, verbal discussions, or even implied actions that demonstrate the intent to create an agency. This flexibility allows parties to enter into agency agreements in a manner that suits their specific circumstances, as long as the essential elements of agency—such as the principal granting authority to the agent and the agent acting on behalf of the principal—are present.

The other statements described do not accurately reflect the nature of agency contracts. For instance, notarization is not a universal requirement for agency contracts; not all agreements require notarization to be valid. Similarly, while it is common for these contracts to be in written form, it is not exclusive; verbal agreements can also suffice in many situations. Finally, agency contracts are not limited to relationships solely between corporations; individuals can enter into agency agreements just as effectively as corporations can. Thus, the flexibility of agency contracts is what underpins the correctness of the first statement.