Specialty and Simple Contract Characteristics Assessment

What distinguishes a specialty contract from a simple contract?

• Lack of sealing

• Informality

• Use of wax seal

• Execution under seal

A specialty contract must be properly ________ to be legally binding.

Once signed, sealed, and delivered, a specialty contract is considered ________ between the parties.

Which of the following is NOT a characteristic of a specialty contract?

• Informal documentation

• Clarity in legal proceedings

• Sealing of the contract

• Formality in execution

In a business negotiation, what does sealing signify?

• Informal agreement

• Binding intention

• Document clarity

• Lack of formality

What is the purpose of sealing in a specialty contract?

• To indicate informal agreement

• To enhance document clarity

• To signify the binding intention of the parties

• To demonstrate lack of formality

Delivery of a specialty contract is essential to ________ the agreement.

Which step is essential for executing a specialty contract?

• Verbal agreement

• Informal communication

• Lack of formality

• Signing, sealing, and delivery

What is the significance of delivery in executing a specialty contract?

• To initiate negotiation

• To finalize the terms

• To demonstrate acceptance

• To complete the agreement

Which aspect makes a specialty contract difficult to dispute in legal proceedings?

• Lack of formality

• Informal documentation

• Clarity and conclusiveness

• Verbal agreement