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Simple English definitions for legal terms
specialty contract
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A quick definition of specialty contract:
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 people make a contract, they promise to do something, and if they don't do it, the law can help the other person.
A more thorough explanation:
A specialty contract is a type of contract that is also known as a contract under seal. It is a legally binding agreement between two or more parties that creates enforceable obligations. The term "specialty" refers to the fact that the contract is executed under seal, which is a formal process that involves affixing a seal to the document.
For example, a construction company may enter into a specialty contract with a client to build a new office building. The contract would outline the terms of the agreement, including the scope of work, the timeline for completion, and the payment schedule. Both parties would sign the contract under seal, which would make it legally binding.
Another example of a specialty contract is a lease agreement. A landlord and tenant may enter into a specialty contract that outlines the terms of the lease, including the rent amount, the length of the lease, and any restrictions on the use of the property. The contract would be signed under seal, which would make it legally binding.
Overall, a specialty contract is a formal and legally binding agreement that is executed under seal. It is used in a variety of contexts, including construction, real estate, and business transactions.