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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.
[9] [10] In the absence of direct externalities, simple contracts may solve the hold-up problem even when each party has private information about its valuation. [11] Maskin and Tirole (1999) argue that complex contracts can solve the hold-up problem when there are ex ante indescribable contingencies, and Hart and Moore (1999) argue that the ...
Traditionally, such contracts were deemed to be effective once the specified performance was tendered, and could be revoked at any time prior to completion of the performance, presenting the notorious "Cedric Brooklyn Bridge problem": in theory, A could say to B "I'll give you $100 if you walk across the Brooklyn Bridge", and then, just before ...
The Restatement (Second) of the Law of Contracts is a legal treatise from the second series of the Restatements of the Law, and seeks to inform judges and lawyers about general principles of contract common law. It is one of the best-recognized and frequently cited legal treatises [1] in all of American jurisprudence.
Contract theory in economics began with 1991 Nobel Laureate Ronald H. Coase's 1937 article "The Nature of the Firm". Coase notes that "the longer the duration of a contract regarding the supply of goods or services due to the difficulty of forecasting, then the less likely and less appropriate it is for the buyer to specify what the other party should do."
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A formal contract is a contract where the parties have signed under seal, while an informal contract [1] is one not under seal. A seal can be any impression made upon the document by the parties to the contract. This was traditionally done in wax stating the intentions of the parties to be