a. a. C. e. 18. What is the distinguishing characteristic that makes a contract a formal contract? A signature by both parties. b. The contract being in writing C. A legal requirement that the contract be in a specific form. d. All possible scenarios are addressed in the contract terms. 19. Which of the following is not a formal contract? Contract under seal b. Recognizance. Negotiable instrument, d. Letter of credit. New car purchase contract. 20. Over time, most contracts are: Executory at one time and executed at another. b. Bilateral at one time and unilateral at another. Valid at one time and void at another. d. Implied at one time and express at another. 21. A bail bond is an example of what type of formal contract? Letters of credit Contracts under seal. c. Negotiable instrument. d. Recognizances. Simple contract. a. c. OP e. a. 22. Which of the following is not characteristic of a valid contract? It can be viewed as private law between the parties. b. The parties must have the contract's terms approved by the appropriate court. A court will enforce its terms if the parties do not voluntarily perform d. It will have at least two parties. c. a. 23. Every contract has both: A buyer and seller 6 An offeror and offeree. A breaching party and a nonbreaching party. d. An initiator and a responder. C