Examlex
Which of the following serves the purpose of finding out what you have and what is vulnerable?
Simple Contract
A contract that can be either oral or written, as opposed to a formal contract which requires a special form or method of creation.
Informal Contract
An oral or written contract that is not under a seal or is not a contract of record. Also called simple contract.
Quasi-Contract
An obligation imposed by the law to avoid injustice, even though no true contract exists between the parties.
Duty to Mitigate Damages
The legal principle requiring a party suffering loss as a result of a breach of contract to take reasonable action to minimize the financial harm.
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