Which of the following is not a formal contract?
A) a contract under seal
B) a recognizance
C) a negotiable instrument
D) a letter of credit
E) a new car purchase contract

Question

Quizplus · Accepted Answer

All of the other options are considered formal contracts. A contract under seal is a formal contract that is signed and sealed. A recognizance is a formal promise to pay a debt, made before a court. A negotiable instrument is a formal contract that can be transferred to another person, such as a check or promissory note. A letter of credit is a formal contract between a bank and a buyer or seller in a financial transaction. A new car purchase contract is a type of formal contract used in buying and selling goods.

Which of the Following Is Not a Formal Contract