17:16
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Simple English definitions for legal terms
informal contract
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A quick definition of informal contract:
An informal contract is an agreement between two or more people that creates obligations that can be enforced by law. It can be written or verbal, and it doesn't have to follow any specific format. However, it's important to note that the law may not always recognize informal contracts, so it's best to have a written agreement to avoid any misunderstandings.
A more thorough explanation:
An informal contract is an agreement between two or more parties that is not necessarily written down or formalized in a legal document. It is still legally binding and enforceable, but it may not have all the formalities of a traditional contract.
For example, if you agree to mow your neighbor's lawn every week in exchange for them walking your dog, that is an informal contract. There may not be a written agreement, but both parties have agreed to certain obligations and can hold each other accountable.
Another example of an informal contract is when you hire a friend to paint your house. You may not have a formal contract, but you have agreed to pay them a certain amount of money in exchange for their services.
These examples illustrate that an informal contract can still be legally binding and enforceable, even if it is not as formal as a traditional contract. It is important to understand the terms of any agreement, whether it is formal or informal, to avoid any misunderstandings or disputes.