It Is Not Required for a Formal Contract to Be

question 42

True/False

It is not required for a formal contract to be written under seal.

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Definitions:

Extortion

The act of obtaining something, especially money, through force or threats.

Preexisting Duty

Preexisting Duty is a legal principle stating that an action or service required by an existing contract cannot serve as consideration for a new contract.

Promissory Estoppel

A doctrine that applies when a promisor makes a clear and definite promise on which the promisee justifiably relies. Such a promise is binding if justice will be better served by the enforcement of the promise.

Promisor

An individual or entity that makes a promise to perform an act or fulfill an obligation as specified in a contract.