This lesson assumes students are familiar with the requirement of consideration. This exercise covers one of the exceptions to this general rule. Historically, one situation where consideration was not required to create a binding contract was when the promise was made "under seal." The lesson explains the history of "the seal" and the seal's role in contract law today.
On completion of the lesson, the student will be able to:
1. Define "seal."
2. State the UCC rule on contracts under seal.
3. Explain the significance of a seal in a jurisdiction that has a statute providing for contracts under seal.