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Unformatted text preview: Formal contract A contract that is required to be put on a specific form to be valid Informal contract 95%, not approved mandated form that you must read, as long as a contract covers essential elements if it is okay Executed a fully performed contract Executory a not fully performed contract Valid contract all elements have been satisfied Void contract as though it no longer exists Voidable contract The option to perform or not perform in a contract Unenforceable A contract that is required to be written, otherwise it is not enforced Contracts for real estate must be written contracts. If you had a written agreement then you must sell the land Equity conduct of parties where the results are fair At Law: if you have adequate remedy in court of equity Ex: if...
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- Fall '10