Specialty: Difference between revisions
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A rather archaic expression, of some interest in that it is referred to in the Limitations Act 1980. The Limitation period for a [[specialty]] is 12 years, not the usual 6. | A rather archaic expression, of some interest in that it is referred to in the Limitations Act 1980. The Limitation period for a [[specialty]] is 12 years, not the usual 6. | ||
===And the difference between a | ===And the difference between a specialty and a [[deed]] is?=== | ||
A {{t|deed}} is not necessarily a {{t|contract}}, and is not supported by [[consideration]]. An individual can create binding obligations upon herself by [[deed]] without there even being a counterparty and, therefore, without [[consideration]]. It has to be signed, sealed and delivered though. A specialty is type of {{t|contract}}; it is supported by [[consideration]], but like a deed is [[Signed, sealed, delivered|signed, sealed and delivered]]. | A {{t|deed}} is not necessarily a {{t|contract}}, and is not supported by [[consideration]]. An individual can create binding obligations upon herself by [[deed]] without there even being a counterparty and, therefore, without [[consideration]]. It has to be signed, sealed and delivered though. A specialty is type of {{t|contract}}; it is supported by [[consideration]], but like a deed is [[Signed, sealed, delivered|signed, sealed and delivered]]. | ||
The two do overlap, though. | The two do overlap, though. | ||
{{sa}} | |||
*[[Limitation Act 1980]] | |||
*{{repackprov|Covenant to pay}} | |||
Revision as of 14:29, 11 November 2022
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A specialty is a written contract that has been executed under seal and delivered and is given as security for the payment of a specifically indicated debt.
A rather archaic expression, of some interest in that it is referred to in the Limitations Act 1980. The Limitation period for a specialty is 12 years, not the usual 6.
And the difference between a specialty and a deed is?
A deed is not necessarily a contract, and is not supported by consideration. An individual can create binding obligations upon herself by deed without there even being a counterparty and, therefore, without consideration. It has to be signed, sealed and delivered though. A specialty is type of contract; it is supported by consideration, but like a deed is signed, sealed and delivered.
The two do overlap, though.