A voidable contract is one which the law permits one or more of the parties to avoid. If the contract is voided, both of the parties are relieved of their legal duties. For example, if Tom holds a gun to Sarah's head and forces her to sign a contract, Sarah will be able to avoid the contract when Tom tries to enforce it. Executory Contracts A contract that has been fully performed on both sides is an executed contract. A simple contract is any agreement that need not follow a specific format in order to be enforceable.
Simple contracts can be oral, written, express, or implied in fact.
The vast majority of contracts entered into are simple contracts. At common law, the most common type of formal contract was one that needed to be in writing, signed, witnessed, and sealed by the parties. Today, most jurisdictions have abolished the significance of the seal for contracts, but the law still recognizes a number of formal contracts that are required to be in a specific form and contain certain specific language in order to be enforcement. E.g., checks, drafts, notes, letters of credit.