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Contract, specialty
 

 

This is a contract in writing in the form of a deed. To be effective it must be signed, sealed and delivered. The latter word is used in a transitory sense though delivery is usually implied unless the contrary can be proved. No consideration is required for such a contract and the absence thereof will mean that equity will not afford a decree of specific performance should the contract be breached.

Reference: The Penguin Business Dictionary, 3rd edt.