Business Hints for Men and WomenCalhoun, A. R. (Alfred Rochefort)
Science
Business Hints for Men and Women
Calhoun, A. R. (Alfred Rochefort)
Business; Commercial law -- United States
If there be dishonesty in places, it is the fault quite as much of
the voter who selected him as of the official culprit himself.
We must take all the responsibility of our agents, whether they be
public or private.
Every good citizen should feel that his public duty is an
important private business.
CHAPTER XVIII
CONTRACTS, LEASES, AND GUARANTEES
The law books define a contract to be "An agreement between two or
more persons to do or not to do a certain stated thing or things,
for a consideration."
The consideration is a vital part of every contract.
There can be no binding contract without a consideration.
The other requisites of a contract are--
1. It must be possible of accomplishment.
2. It must be in accordance with law.
3. Its performance must not injure the public.
4. The parties to a contract must be competent to do the things to
which they pledge themselves.
5. A drunken or an insane man cannot make a contract.
6. All parties to a contract must be agreed.
THE CONSIDERATION
No contract can be held as binding where the consideration is not
named.
A promise, verbal or in writing, to do something for a certain
party, cannot be enforced.
A promise to do the same thing for a stipulation named is a
contract and may be enforced.
A gift is not a form of contract. Once made it cannot be legally
taken back.
WRITTEN AND VERBAL CONTRACTS
There are certain forms of contract which cannot be legally
enforced, unless they are in writing.
1. All contracts for the sale of real estate.
2. Contracts that are not to be performed for a year or more.
3. All contracts, to answer for the debt and obligations of
another, must be in writing.
If the contracting parties put but a part of their agreement in
writing the law will recognize only the written part. The whole
must be in writing, or the agreement will not hold.
Verbal contracts are not safe.
Although the law does not require even contract to be in writing,
yet, as it never declares that a contract must be verbal, it is
the part of prudence, wherever possible, to put every contract in
writing.
Owing to defects of memory even honest men may, and frequently do,
disagree as to the terms of a verbal contract.
Because the party with whom the contract is made is a close
friend, one is apt to depend on a verbal agreement, but the closer
the friend or relative, the more reason there is for an exact
written contract, if we would keep the friend.
FORMS OF CONTRACT
The law is never specific as to the form of contract that may be
used.
It is not necessary to draw up the contract with the formal
accuracy of a real estate deed.
Any one with good sense and a fair common school education can
draw up a contract that will hold.
Know what is required, then state the facts simply.
Contracts need not be sworn to or even witnessed.
KINDS OF CONTRACT
Every note, mortgage and other form of obligation is a specific
contract.
Public-domain text, read in full here on John Shaqi.
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