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When it comes to contracts, there are two types: those which require a specific form or format and those which are perfected by the mere agreement of the parties. In this article, we will focus on the latter.

Contracts that are perfected by the mere agreement of the parties are those where no specific form or format is required for the agreement to be binding. This means that these contracts can be oral or written, and the parties involved are free to negotiate the terms and conditions as they see fit.

Examples of this type of contract are a verbal agreement between two parties to sell a car, a handshake agreement to rent a piece of land, or a written agreement between two companies to provide services to one another. These types of contracts are often used for simple transactions where the parties involved have a preexisting relationship or trust each other.

Despite their seemingly informal nature, contracts that are perfected by the mere agreement of the parties are still legally binding. This means that both parties must fulfill their obligations under the contract, and if one party fails to do so, the other party can seek legal remedies.

However, the lack of a specific form or format for these types of contracts can also make them vulnerable to disputes. Without a clear and structured agreement, it can be difficult to determine the exact terms of the contract, leading to disagreements and legal battles.

To avoid these potential issues, it is important to always document any agreement, no matter how informal it may seem. This can be done through a written confirmation of the verbal agreement, a written contract outlining the terms and conditions, or even an email exchange outlining the agreement.

In conclusion, contracts that are perfected by the mere agreement of the parties provide a flexible and informal way for parties to engage in business transactions. However, it is important to remember that even informal agreements can have legal consequences and that documenting the agreement can help prevent disputes down the line.