Home >> Cyclopedia-of-law-vol-4 >> Acceptance Necessary To Complete to Partners Ex Emption >> Contracts Under

Contracts Under


CONTRACTS UNDER The rule of the Common law is that a contract executed with a seal, called a specialty, does not require a consideration. The origin of this rule is traced to the fact that in the early history of the law, form was of more importance than consideration. So that the seal or the solemn form of entering into the contract entitled it to be enforced in law. In the Civil law, formality was also important in the formation of contract. With the development of contract it be came necessary to have a universal test to determine what contracts should be actionable, and this test was supplied by the doctrine of consideration. Informal promises were held to be enforceable if there was a con sideration, or "quid pro quo" for the promise. And this test first applied in the chancery courts and adopted into the common law courts, has come to be so uni versal as to overshadow the formal contract, which is said to be valid because the seal imports a considera tion. (Anson on Cont. p. 49)