35, b. 3.-2. In their form are agreements of two types; 1, by parol or in writing, by distinction of specialities; 2, depending on the specialty or under seal. With regard to their execution, agreements are executed or executed. An agreement is deemed to have been entered into when two or more persons assume their respective rights to each other and thereby modify the property contained therein either now and immediately or at a later date after an event that gives it full effect without either party trusting the other; than where things are bought, paid for and delivered. Performance agreements, in the ordinary acceptance of the term, are contracts based on statutes, memoranda, promises or obligations De Parol and others that must be fulfilled in the future or that are concluded in preparation for more solemn and formal provisions of property. Powell on Cont. Agreements are also conditional and unconditional. They are conditional when a condition must be met before it can have full effect; they are unconditional if no conditions are attached; 4.-3. Agreements are cancelled or effective, first by the actions of the parties, such as payment; Release – consistency and satisfaction; withdrawal, which is express or implied; 1 Watt & Serg. 442; Defeasance; by novation: second, by actions of the law, such as confusion; Merger; the passage of time; Death, as when a man who has committed himself to teaching an apprentice dies; Expiration of the article to which the contract is subject, because if the contract is intended to deliver a particular horse and dies before the time of delivery.. .
(Last Updated On: October 15, 2021)