(1) Any contract that, if made between private persons, would be by law required to be in writing under seal may be made on behalf of the University in writing under the seal of the University.
(2) Any contract to which subsection ( 1) does not apply may be made on behalf of the University by any person acting with the authority of the Council, express or implied, and, where such a contract is made in writing, it may be executed on behalf of the University by that person.