Contracts {executory contract} have acts and promises. After acts and promises finish, contracts are executed contracts.
Promisor's wax seals can witness contracts {formal contract}, but this is rare.
Contracts {valid contract} are valid and enforceable only if the following conditions are met. Parties must be legally able to make contracts. Contracts must have offers, acceptances, promises to do or not to do something by each party, and inducements by parties to honor contracts.
Laws can nullify contracts {null contract}. Null contracts exist but are not legal or enforceable.
Contracts {void contract} can be not legally binding on parties, because contract violates law. Void contracts do not exist, and thus are not enforceable.
Valid contracts {voidable contract} can allow parties to void contracts.
Statute of Frauds requires certain contracts {written contract} to be in writing to be enforceable: land sales, land-interest transfers, performance taking more than one year, debt-payment guarantees, estate executor or administrator contracts, and high-priced sales. Existence of oral contracts is hard to prove.
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Date Modified: 2022.0225