Differences between a Simple & a Speciality Contract

A simple contract can be made orally, in writing or by the implications deemed from the actions of the parties.  A specialty contract must be signed by the parties sealed, for example with a company seal and finally it must be delivered.

Examples of specialty contracts include:

1. Mortgages and leases for over three years

2. Sale of land

3. Contracts of insurance

4. Hire purchase agreements

5. Transfer of company shares

6. Assignments of copyright

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