In their form, agreements are of two types; 1, by par of course or in writing, as being distinguished from specialties; 2, by specialty or seal. With regard to their execution, agreements are executed or executed. An agreement is considered to be concluded when two or more persons assume their respective rights to one another, thereby changing the ownership contained therein, either now and immediately, or at a future time after an event that will give it full effect, without either party trusting the others; where things are bought, paid for and delivered. Performance agreements are, in the event of an ordinary acceptance of the term, contracts which are based on articles, memoranda, promises or obligations parol, etc., which will be performed in the future or which will be concluded with a view to making more solemn and formal assignments of goods. Powell on Cont. Agreements are also conditional and unconditional. they are conditional when a condition must be fulfilled before it can produce its full effect; they are unconditional if no conditions are imposed; 4.-3. Agreements are nullified or effective, first by the actions of the parties, as well as by payment; Authorization – compliance and satisfaction; resignation that is express or implied; 1 Watt &Serg. 442; Defeasance; by Novation: second, by acts of law, such as confusion; merger; the calendar; Death, as if a man who had committed himself to teaching an apprentice was dying; Extinction of the case that is the subject of the contract, as soon as the contract must deliver a particular horse and it dies before the delivery date.
See performance of the contract. 5. The written letter or act containing an agreement is also referred to as an agreement and sometimes as a contractual article. (see) 6.