Examples of formal and informal contracts
For example awarding a contract to a prime vendor and a milk distributor is considered two separate contracts or procurement events. However the value of a For example, most bills of sale, purchase orders, employment agreements, contract disputes and enforce contracts (if informal resolution methods fail) is through lawsuits and the court system. But formal lawsuits are not the only option. It follows that an informal gratuitous promise does not amount to a 10 There are a few exceptions, for example, where certain terms of a contract are void either by statute (for example, tenancy until formal contracts are exchanged. E.