That's only "concentration" spells like the novice destruction spells or the healing spell that everybody starts off with. Alteration spells like oakskin DO have a set duration that can be extended by the Dual-casting or Stability perks in the Alteration tree.
-Loth
Edit: But there are several spells in Alteration that DO depend on holding the trigger: Detect Life, Detect Dead, Telekinesis. You can tell the difference in the spell description if it gives the mana cost as "X
mana per second".