This term, in its broader sense, includes any description of an agreement or obligation in which a party is bound by another party to pay a sum of money or to do or refrain from doing a particular act; or a contract is an act that contains a total obligation. In its strict sense, it is an agreement between two or more people who have something to do, with both parties being related* or related to each other. 1 pow. 6; Code of Lo. section 1754; Civ. code 1101; Poth. Obligatory. pt. (i.c. 1, p. 1, para.
1; Blackstone (2 comm. 442) defines it as an agreement to do or not to do something in case of sufficient consideration. A contract has also been defined as a pact between two or more people. 6 Cranch, R. 136. 2. Contracts shall be subdivided into explicit or tacit contracts. An explicit contract is a contract in which the terms of the agreement are pronounced openly at the time of manufacture and declare that they pay a stated price for certain products.
2 bl. Com. 443. 3. Express contracts shall be distinct from three types 1. BI parol, or in writing, as specialties. 2. By specialty or seal. 3. By minutes.
4.-1. A parol contract is not signed, sealed, after a good consideration, capable of concluding contracts, doing a legitimate act or refraining from doing anything, provided that the service that is not required by law is not required. 1 Com. Contr. Two Chit. No. 2. 5.
It follows from that definition that there must be sufficient Parol agreement; 1. The mutual or reciprocal consent of two or more persons likely to be treated. Any agreement should be sufficiently secure and complete for each party to have an act; and the agreement would be incomplete if one of the parties refused to give consent to any of its conditions. Peakes R. 227; 3. T. R. 653; 1 B. &A. 681 1 pick. R. 278.
The agreement should generally be binding on both parties, or it does not bind either….