COMM 304 Lecture 1: part 7
Document Summary
It has an important effect on a contract. If you sign a contract under seal agreeing to do something and there"s nothing coming back to you: a contract under seal is a formal contract which does require any consideration. Remember consideration in contract means exchange of one thing of value for another. It is one of the six elements that must be present for a contract to be valid. If you sign a document under seal it is presumed that the element of consideration is present: you are obligated to fulfill the promise. The law declares that a person who signs a document under seal is aware of what the seal means: obligated to sign to perform the contract. Lawful subject matter (not lawful and fall under the category of contract against public policy) Restraints of trade: after termination of employment, the person is restraint from.
