Legal Definitions - common-law specialty

Definition: Common-law specialty refers to a legal agreement that is made under seal, which means it is signed and witnessed in a formal way. This type of agreement is considered more binding than a regular contract because it has a higher level of formality.

Example: One example of a common-law specialty agreement is a mortgage. When you take out a mortgage to buy a house, the agreement is usually made under seal. This means that the terms of the mortgage are legally binding and cannot be changed without the agreement of both parties.

Explanation: The example of a mortgage illustrates the definition of common-law specialty because it is a legal agreement that is made under seal. The terms of the mortgage are considered more binding than a regular contract because they are signed and witnessed in a formal way. This means that both the borrower and the lender are legally obligated to follow the terms of the agreement.