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In contract law, a simple contract, also known as an informal contract, is a contract made orally, in writing, or both, rather than a contract made under seal. [ 1 ] [ 2 ] [ 3 ] Simple contracts require consideration to be valid, [ 4 ] but simple contracts may be implied from the conduct of parties bound by the contract.
Loan agreements are documented via their commitment letters, agreements that reflect the understandings reached between the involved parties, a promissory note, and a collateral agreement (such as a mortgage or a personal guarantee). Loan agreements offered by regulated banks are different from those that are offered by finance companies in ...
Although a typical purchase order may not be worded as a contract (in fact most contain little more than a list of the goods or services the buyer desires to purchase, along with price, payment terms, and shipping instructions), the purchase order is a specially regarded instrument regulated by the Uniform Commercial Code or other similar law which establishes a purchase order as a contract by ...
An invoice, bill, tab, or bill of costs is a commercial document that includes an itemized list of goods or services furnished by a seller to a buyer relating to a sale transaction, that usually specifies the price and terms of sale., quantities, and agreed-upon prices and terms of sale for products or services the seller had provided the buyer.
The parties must have seriously intended the agreement to result in terms which can be enforced. The parties must have the capacity to contract. The agreement must have certain and definite terms. The necessary formalities must be observed. The agreement must be lawful. [192] The contractual obligations must be possible of performance.
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