What is the difference between a formal contract and a simple contract?

A formal agreement is one which contains terms, whereas a simple contract is an agreement where the terms are yet to be determinedFormal contracts are complex contracts, whereas simple contracts are everyday contracts which are made for small amounts of moneyA formal contract is one that is signed sealed and delivered, a simple contract is one formed by words, actions or partial writingSimple contracts are those which are produced in standard form, formal contracts are those where the parties actually negotiate and agree on the specific terms