An informal contract is also known as a(n)________ contract
A) unilateral
B) bilateral
C) executed
D) executory
E) simple

Question

Quizplus · Accepted Answer

An informal contract is also known as a simple contract. This type of contract does not require any formalities or specific format, and can be made orally or in writing. There may not be any witnesses or signatures required, but there is still an agreement between the parties involved. Unilateral and bilateral contracts require consideration from only one party or both parties respectively. Executed contracts are those that have been fully performed, while executory contracts have yet to be fulfilled.

An Informal Contract Is Also Known as A(n)________ Contract