Asked by jesslyn salim on May 08, 2024
Verified
Distinguish between a formal and a simple contract.
Formal Contract
A contract that adheres to a specific form or is ceremonial in nature, often requiring written documentation and signatures.
Simple Contract
A written or verbal contract not under seal; also called a parol contract.
- Distinguish between formal and simple contracts.
Verified Answer
VE
Valentina EtchepareMay 12, 2024
Final Answer :
A formal contract is under seal. Simple contracts are either written and not under seal or oral agreements.
Learning Objectives
- Distinguish between formal and simple contracts.