Informal vs. Formal Contracts: Examples, Differences & Definitions

Instructions:

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question 1 of 3

Stanley and Dawn purchased a home in Miami, Florida. When they arrived at the real estate closing, they were asked to sign what type of contract?

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1. Mabelle arrived at the clothing store with a very specific pink flowered dress in mind. When she asked for the dress in a size 18, the clerk broke the news that it was unavailable at the time. But the clerk offered to order it for delivery the next day. Mabelle agreed and made a plan with the clerk to return the next day. What type of contract did they enter into?

2. Last year, Stan purchased a boat on a payment plan, which required filling out lots of paperwork. When Stan bailed on his boat payments, he was considered in _____.

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About This Quiz & Worksheet

The questions on this quiz and worksheet combo address characteristics and differences between informal and formal contracts. Most of the questions will ask you to interpret scenarios related to contracts and contract signing.

Quiz & Worksheet Goals

To ace the quiz, you'll need to know about:

  • Real estate contracts
  • The legality of signing a contract
  • Difference between informal and formal contracts
  • Employment agreements

Skills Practiced

  • Reading comprehension - ensure that you draw the most important information from the related lesson on types of contracts
  • Distinguishing differences - compare and contrast topics from the lesson, such as formal and informal contracts
  • Information recall - access the knowledge you've gained regarding real estate contracts
  • Knowledge application - use your knowledge to answer questions about hypothetical situations regarding contracts

Additional Learning

The lesson titled Informal vs. Formal Contracts: Examples, Differences & Definitions will dive into information about the legality of various types of contracts. This lesson will help you:

  • Understand how contracts work
  • Differentiate between formal and informal contracts
  • Identify types of contracts
  • Comprehend consideration in regard to formal contracts
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