What type of contract has specific requirements concerning its execution or formation?

A formal contract is characterized by its specific requirements regarding execution or formation. This type of contract is typically distinguished by certain formalities mandated by law, such as being written and signed, and may involve specific elements that must be included to be enforceable. For example, formal contracts are often used in situations that the law requires to be memorialized in writing, like real estate transactions or agreements that extend beyond a specific timeframe.

In contrast, an express contract is one where the terms are explicitly stated, either orally or in writing, without the necessity of formal requirements. An implied contract arises from the conduct of the parties rather than from written or spoken words, and a simple contract generally refers to an agreement that may not require formalities or has fewer conditions than a formal contract. Thus, a formal contract is uniquely defined by its adherence to specific execution protocols, making it the correct choice for this question.