CLASSIFICATION OF CON TRACTS. The word "contract" is used by the pro fession to designate every description of agreement or obligation, whether verbal or written, with or without seal, by which one party is bound to another to per form or to omit to perform a stipulated act. In this most general sense, contracts may be classified as. (1), contracts under seal, or specialties; and (2), simple contracts.
(t). Contracts Under Seal. Contracts under seal, also called specialties, have been of greater significance in the past than they are at present. The seal, or solemn execution of the contract, imported the assent and in tention of the parties to which the court gave effect. At first the form in which the intention was manifes'xd was of more importance than the consideration, and the rule still prevails that a deed, or contract under seal, requires no consideration. Now that considera tion has become of more importance than form, it is said that the presence of the seal implies a considera tion. See Anson on Contracts, Part II., Ch. 2.
(2) Simple Contracts. All contracts not under seal, whether in writing or verbal, are called simple or parol contracts. There being no distinction between verbal and written contracts as regards validity, save where the Statute of Frauds requires certain contracts to be in writing to be valid. (Beckham v. Drake 9 M. & W. 92.)