Which of the following are examples of formal contracts?
A) Contracts under seal, but not executed contracts or letters of credit.
B) Executed contracts, but not contracts under seal or letters of credit.
C) Letters of credit and contracts under seal, but not executed contracts.
D) Contracts under seal and letters of credit, but not executory contracts
E) Contracts under seal, letters of credit, and executed contracts.

Question

Quizplus · Accepted Answer

Formal contracts include contracts under seal and letters of credit, which are formalized through specific procedures or documentation, distinguishing them from executory contracts that are agreements in which some future performance is promised.

Which of the Following Are Examples of Formal Contracts