Once a contract has been formally entered into, either by a specific offer and an unqualified acceptance, or by the signing of an agreement, drawn up in due form, it becomes binding on both parties, and neither can be absolved from the terms without a release from the other party. In this respect, a verbal agreement is of no value, for the document releasing the party to a contract must be of equal dignity to the contract itself. That is, if the contract is simply a written contract, a written release is all that is necessary; whereas, if the contract is under seal, the release must be a written document under seal. Further, there must be a consideration for the release. Both parties to a contract are presumably mutually benefitted by the contract, and if one seeks to be released from his obligation, the other party is entitled to some compensation for the release. In other words, having entered into a formal contract, another formal contract, for a consideration, is required to release either party.