I expect they do, but I remember.
I remember when business, even large business, operated on handshakes without contracts. Business could operate this way because people in those days had good character and integrity. A person who welched on a handshake was finished in business.
I grew up when America was still America. We were taught that you had to be able to look yourself in the mirror every morning. That required that you were truthful and honorable in your relations with others.
Today you can't look yourself in the mirror unless you have ripped off, to your financial benefit, others. Just read any of the books by Wall Street whistleblowers or government officials about how the system really operates.
Today, lawyers tell me, even iron-clad contracts cannot protect a deal.