What is the distinguishing characteristic that makes a contract a formal contract?
A) it requires a signature by both parties
B) it requires the contract to be orally agreed upon
C) it requires a special form or method of creation
D) it addresses all possible scenarios in the contract

Question

Quizplus · Accepted Answer

A formal contract requires a special form or method of creation, which could include specific language, a specific format, or the use of a notary or witness. This distinguishes it from an informal contract which can be created through a simple agreement, even without written documentation or a signature.

What Is the Distinguishing Characteristic That Makes a Contract a Formal