CONTRACT

an agreement entered into between two or more persons sanctioned by law, by which agreement each undertakes to do, or to abstain from doing, a specified act or acts, in consideration of the other or others doing, or abstaining from doing, some other act or acts. It is true that every c. is an agreement, but not every agreement is ac. The law demands before an agreement becomes an enforceable c. that certain requirements shall be fulfilled, such as the legal capacity of the parties, the legality of the object aimed at, and, in some cases, the way in which the c. is evidenced. CO’s may be divided into three cla es: (1) c’s by matter of record; (2) c’s under seal, which are sometimes spoken of as specialties; and (8) c’s not under seal, which are called simple, or parole, c’s. (1) are those founded on the authority of a court of record; (2) those made by generally speaking, they require no consideration to support them; (3) those petit ee 4 in writing, or by word of mouth.