Formal contract
From Wikipedia, the free encyclopedia
A formal contract is a contract where the parties have signed under seal, while an informal contract is one not under seal. According to Harvey Boller, J.D. Professor of Law at Loyola University, roughly 100 percent of contracts today are informal contracts.
The legitimacy of a contract, however, does not rely upon whether a contract is formal or informal. Both are considered binding, given all other elements of a contract exist.
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