formal contract

Definition of "formal contract"
  1. A contract that is legally binding due to the fulfillment of necessary procedures, irrespective of whether something of value has been exchanged
How to use "formal contract" in a sentence
  1. The parties decided to create a formal contract to protect their interests and ensure the agreement is legally enforceable.
  2. Despite no money being exchanged, the deal was deemed lawful because it was a formal contract.
  3. Adherence to specific established rules is mandatory when drafting a formal contract.

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