(1) Any contract that, if made between private people, 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 anyone acting with the authority of the council, express or implied, and, if such a contract is made in writing, it may be executed on behalf of the university by the person.