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.
Today, a seal is generally an impression stamped or embossed on
paper to authenticate a document or attest to a signature, such as a corporate
or notary seal. Some jurisdictions, especially states on the eastern seaboard,
require certain documents such as deeds and leases to be under seal.
Some states allow longer statute of limitations on the
collection of debts concerning contracts under seal.
Debt collection statute of limitations listed by
state