Stop in for a cup of coffee

Hey...anyone know if an electrical outlet can go bad after 20 years? I came home to no heat and found the problem is an outlet that the coffee pot was hooked up to. The furnace is on the same circuit. But it has been like this forever. man the outlet is melted. I almost burnt my house down.
Yes and yes, An outlet can loose the good contention the wires had as years go by and start heating up when a load is put on them, and the breaker can as well, pull the breaker and tighten up the lug that the wire is hooked up to.. I use to do safety inspections for OSHA and Hospitals , loose wires will create heat just like in our cars.. replace the breaker and the receptacle .