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Which of the following are formal contracts? Multiple Choice
a.Contracts under seal and letters of credit, but not implied-in-law .contracts Implied-in-law contracts
b.Contracts under seal, letters of credit, and also implied-in-law contracts
c.Contracts under seal Letters of credit

Answer :

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Answer:

The answer is: B) Contracts under seal, letters of credit, and also implied-in-law contracts

Explanation:

Only 10 states allow contracts under seal. A contract under seal does not require consideration and has the seal of the signer attached to it.

Letters of credit are legal contracts between banks and the sellers of goods (LC are usually related to export and import activities).

Implied contracts are contracts that are not written but they are valid based on the parties' actions.  

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