A formal contract derives its validity from its form alone and does not require consideration to be present.

Name: A formal contract derives its validity from its form alone and does not require consideration to be present.
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Quizplus · Accepted Answer

A formal contract is a type of contract that is legally binding due to its form rather than the presence of consideration. It relies on a specific form or mode of expression to demonstrate the parties' agreement and intention to be bound.

A Formal Contract Derives Its Validity from Its Form Alone