Citing examples, write brief notes on the following:
i) Contracts which must be under seal
ii) Contracts which must be in writing
iii) Contracts which must be evidenced in writing
ANSWER
i) Contract under seal:
This is a contract drawn and sealed a party and submitted to the other for signature. Such is a contract requires on consideration. Example include lease agreement, charge, mortgage.
ii) Contract which must be in writing:
This is a contract which must be embodied in a formal document. The law insists that it must be written. Examples include, hire purchase agreement, contract of marine insurance.
iii) Contract which must be evidenced in writing
This is a contract which must be evidenced some note or memorandum. The law does not prescribe the form of note or memorandum. Examples include:
- Contracts of insurance other than marine,
- Contract of guarantee