Any contract that is not a formal contract is an informal contract, also called a simple contract.

Name: Any contract that is not a formal contract is an informal contract, also called a simple contract.
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Informal or simple contracts are those that do not meet the specific requirements of formal contracts, such as being in writing or under seal, but are still legally binding agreements based on the parties' intentions and fulfillments of the contract terms.

Any Contract That Is Not a Formal Contract Is an Informal