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  1. #1
    Join Date
    Jan 2008
    Posts
    10

    Default Contract Under Seal

    In laymans terms what exactly does contract under seal mean for debt collection??(Pennsylvania)

  2. #2
    Join Date
    Jan 2008
    Location
    Toledo, OH
    Posts
    16,307

    Default Re: Contract Under Seal

    A contract under seal is considered a more formal contract. Generally, valuable consideration is necessary to make an enforceable contract but for a contract under seal, no consideration is necessary. Traditionally, such a contract carries with it an *irrebuttable presumption of consideration. (The phrase, "irrebuttable presumption of consideration" means that the person who owns the contract can expect to receive the stated value of the contract and that the contractor (whomever signed the contract) will deliver the stated value according to the contract without argument.

    The Law long ago decided that a seal, real or imitation, attached to a promise, amounted to good consideration for that promise, despite the fact that the man who makes the promise puts the seal there. In reality, whether a contract has a seal or not does not make any difference in its legal effect.
    Contracts Under Seal

  3. #3
    Join Date
    Feb 2005
    Posts
    116

    Default Re: Contract Under Seal

    In foreclosure proceedings the statute of limitations for filing suit after default is based on a promissory note which has a 4 year statute of limitations. Not sure what a contract under seal has to do with a mortgage. Anyone out there that can provide some clarity?

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