A 'formal contract' is best described by which of these statements?
A)A contract that does not require a special form but must have consideration present.
B)A contract created by conduct or the actions of parties.
C)A contract created by written or oral words.
D)A contract that requires a special form or method of creation.

Question

Quizplus · Accepted Answer

A formal contract is a contract that requires a special form or method of creation, such as a written agreement signed by both parties with specified terms and conditions. This type of contract is more legally binding and enforceable than an informal or verbal agreement. Examples of formal contracts include deeds, leases, and mortgage agreements.

A 'Formal Contract' Is Best Described by Which of These