A contract is a legally binding agreement that defines and governs the rights and duties between or among its parties
Image:'Hip, Hip, Hurrah! Artist Festival at Skagen', by Peder Severin Krøyer (1888) Demisted with DXO PhotoLab Clearview ...
, a ''simple contract'' is a contract made orally or in writing or both of them rather than a contract made under seal. Simple contracts require
Consideration is a concept of English law, English common law and is a necessity for simple contracts but not for special contracts (contracts by deed). The concept has been adopted by other common law jurisdictions.
The court in ''Currie v Mis ...
to be valid, but simple contracts may be implied from the conduct of parties bound by the contract.
Sir William Blackstone (10 July 1723 – 14 February 1780) was an English jurist
A jurist is a person with expert knowledge of law; someone who analyses and comments on law. This person is usually a specialist legal scholarnot necessaril ...
observed in his ''
Commentaries on the Laws of England
The ''Commentaries on the Laws of England'' are an influential 18th-century treatise on the common law
In law, common law (also known as judicial precedent or judge-made law, or case law
Case law is the collection of past legal decisions writ ...
'' that in the seventeenth century, debtors used simple contracts as one of three accepted forms of unsecured
debt instruments. In 1828, the
Parliament of the United Kingdom
The Parliament of the United Kingdom is the supreme legislative body
A legislature is an assembly
Assembly may refer to:
Organisations and meetings
* Deliberative assembly
A deliberative assembly is a gathering of members (of any kin ... amended the statute of frauds
so that oral acknowledgments or promises could not be used as evidence to prove the existence of a simple contract. Today, some American jurisdictions have established that a security interest is perfected "when a creditor on a simple contract cannot acquire a judicial lien that is superior to the interest" of the secured party.
[Timothy R. Zinnecker]
''Purchase Money Security Interests in the Preference Zone: Questions Answered and Questions Raised by the 1994 Amendments to Bankruptcy Code § 547''
62 47, 84 (1997) (internal quotations omitted).
* '' New England Mutual Life Insurance Co. v. Woodworth
A company seal (sometimes referred to as the corporate seal or common seal) is an official seal
Seal may refer to any of the following:
Pinnipeds (pronounced ), commonly known as seals, are a widely range (biology), d ...