HopefullyInLawSchool
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Simple English definitions for legal terms
contract under seal
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A quick definition of contract under seal:
A contract is an agreement between two or more people that creates responsibilities that can be enforced by law. It can be a written document or just a verbal agreement. The term "contract" can refer to the agreement itself or the physical document that records it. When we talk about a contract, we mean the legal obligations and rights that result from the agreement.
A more thorough explanation:
A contract under seal is a legally binding agreement between two or more parties that is enforceable by law. It is also known as a formal contract or deed. The term "under seal" refers to the use of a seal or stamp on the document to signify its importance and authenticity.
For example, a company may enter into a contract under seal with a supplier to purchase goods at a certain price. The contract would be signed by both parties and stamped with the company's official seal to make it legally binding.
Contracts under seal are often used in situations where a higher level of formality and legal significance is required, such as in real estate transactions or loan agreements. They are considered to be more binding than regular contracts because they require a higher level of commitment from the parties involved.