Which of the following are formal contracts?
A)Contracts under seal
B)Implied-in-law contracts
C)Letters of credit
D)Contracts under seal and letters of credit,but not implied-in-law contracts
E)Contracts under seal,letters of credit,and also implied-in-law contracts

Question

Quizplus · Accepted Answer

The Restatement (Second)of Contracts identifies the following four types of formal contracts: a)contracts under seal; b)recognizances; c)letters of credit; and d)negotiable instruments.Quasi-contracts,sometimes called implied-in-law contracts,are not actually contracts.Rather,to prevent one party from being unjustly enriched at the expense of another,the courts impose contractual obligations on one of the parties as if that party had entered into a contract.

Which of the Following Are Formal Contracts