Specialty Contract
/ˈspɛʃəlti ˈkɒntrækt/
Definitions
- (n.) A contract executed by a party under seal, conferring special enforceability and often requiring a higher formality than simple contracts.
The parties entered into a specialty contract to guarantee payment, evidenced by a sealed document.
Forms
- specialty contracts
Related terms
See also
Commentary
Specialty contracts, distinguished by the seal requirement, do not require consideration to be enforceable, unlike simple contracts.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.