How to set up a simple 'chat' with Linux?

[joe at actionline.com]

How can one set up a simple 'chat' with Linux?

Many years ago, on my original unix system, I had a very simple command
line chat utility that worked very well - very simple and very efficient. 
I could just establish a simple modem connection with another user and at
the command line type: chat michael <E> and my friend michael and I could
begin typing back and forth on the command line. Everything that both of
us typed was then saved (or appended as an option) to a designated file.

Is there any similar utility or capability available with Linux today?

Or, alternatively, what is the best/simplest/easiest way to achieve a
similar result?

I searched and found /usr/sbin/chat on my system, but I cannot find a man
page for it and I cannot tell that it does anything.

We see a variety of "chat" utilities on various commercial websites (none
as simple and efficient as the old unix 'chat' that I used in the past,
but what options are available now?