Which of the following is not a type of formal contract recognized by the Restatement (Second)of Contracts?
A) negotiable instrument
B) letter of credit
C) recognizance
D) gentlemen's agreement
E) contract under seal

Question

Quizplus · Accepted Answer

The Restatement (Second) of Contracts recognizes negotiable instruments, letters of credit, recognizances, and contracts under seal as types of formal contracts. However, a gentlemen's agreement is not a formal contract because it lacks the required elements of offer, acceptance, and consideration.

Which of the Following Is Not a Type of Formal