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Acceptance Necessary To Complete
Acceptance Necessary To Complete The Assent. When A Proposition Has Been Communicated By One Party To Another It Must Be Accepted, And The Acceptance Communicated, Or Put In A Proper Way To Be Communicated, To The Maker Of The Offer In Order To Form A Union Of Mind Necessary To ...

Actions Between Partners
Actions Between Partners. A Partnership Is Made Up Of Individuals, And It Is By And Against These Individuals That Suits Are Brought. Hence If A Partner Would Sue His Firm, Or A Firm One Or More Of Its Partners, The Difficulty Arises That The Same Party Is Joined As Both ...

Actions By And Against
Actions By And Against The Firm. A Partnership May Be Called By A Collective Name For Convenience, But It Is Not Recognized In Law As A Person, And Cannot Sue Or Be Sued In The Firm Name Unless The State Statutes Authorize Such Suits. Hence All The Actual And Ostensible ...

Agreements Made By Post
Agreements Made By Post Considered. An Offer Communicated By Letter Is Construed A Continuing Offer During Every Instant Of Time Until It Has Reached The Person Addressed And A Reasonable Time Has Been Given In Which To Accept Or Reject. It May He Ithdrawn By The Sender At Any Time ...

Aliens
Aliens. An Alien Is A Person Born Out Of The Jurisdiction Of A Country In Which He Lives And Not Naturalized Therein. By A Rule Of Law And Construction The Children Of Ambassadors, Ministers, Etc., Though Born Out Of The Jurisdiction Of Their Country, Are Yet Citizens. And Children Born ...

Assignment Of Rights At
Assignment Of Rights At Common Law. The Benefits Or Rights Under A Contract May Be Assigned. But At Common Law, Ex Cept In The Case Of Negotiable Instruments, The Rights Under A Contract Cannot Be Assigned So As To Enable The Assignee To Sue Upon It In His Own Name, ...

Authorities On The Law
Authorities On The Law Of Contract. Among The Numerous English Text Writers On The Subject Of Contracts, May Be Mentioned Chitty, Addison, I'ollock And Anson. The Works Of These Authors Have Been Published With American Notes. And Are Standard Authorities At This Time. Of The American Authors On The Subject, ...

Authorities
Authorities. Of The English Writers On Partnership We Mention Archbold, Collyer, Lindley, And Pollock. American Writers On The Sub Ject Are Theophilus Parsons, Story, Bates, James Par Sons And Mechem. Ewell And Wentworth Are Ameri Can Editors Of Lindley's Work. The Student Is Also Referred To The Statutes Of His ...

But Must Be Proved
Consideration Need Not Be Expressed, But Must Be Proved. As A General Rule No Consideration Need Be Expressed In A Written Contract And One May Be Shown To Have Passed. (tingley V. Cutler, 7 Conn. 291; I Pars. Cont. 430.) Where A Contract States That It Was Made For Valuable ...

Capital Of The Firm
Capital Of The Firm. Having Treated Of The Formation Of Partnership We Come Now To Consider The Incidents And Principles Which Regulate The Partnership During Its Existence. And First Of The Partnership Capital, Which Is The Ag Gregate Sum Of The Amounts Agreed To Be Paid Or Con Tributed By ...

Classification Of Con Tracts
Classification Of Con Tracts. The Word "contract" Is Used By The Pro Fession To Designate Every Description Of Agreement Or Obligation, Whether Verbal Or Written, With Or Without Seal, By Which One Party Is Bound To Another To Per Form Or To Omit To Perform A Stipulated Act. In This ...

Common Form Of Bond
Common Form Of Bond. Know All Men By These Presents That I, John Doe, Cf Conneaut, Ohio, Am Held And Bound Unto Richard Roe,of Cleveland, Ohio, In The Sum Of One Hundred Dol Lars, Lawful Money Of The United States, To Be Paid To The Said Richard Roe, His Attorney, ...

Concerning The Action Of
Concerning The Action Of Accounting. The Statute Of Limitation Is Not Technically A Bar To A Suit For An Accounting, But If A Great Length Of Time Has Elapsed Without Action On The Part Of The Complainant, The Court May Refuse To En Tertain The Suit On The Ground Of ...

Condition Subsequent
Condition Subsequent. The Parties May Have Agreed In Their Contract That The Failure To Fulfill A Specified Term, Or The Happening Of A Stated Event, Should Discharge The Contract, Or They May Have Agreed That One Of The Parties Should Have The Right To Determine It Upon No Tice To ...

Conditional Promises
Conditional Promises. Conditional Promises Are, As Regards Time Of Performance, Either Subsequent, Concurrent, Or Precedent. The Effect Of A Condition Subsequent Has Already Been Considered. (ante, Sec. 49o.) The Rights Of The One To The Promise Of The Other Is Terminable Up On The Happening Of The Specified Event. A ...

Consideration Arising From Moral
Consideration Arising From Moral Obligation Discussed. By Moral Obligation Is To Be Understood One Which Derives Its Sanction From The Moral Law, And Which Is Not Legally Enforceable. Such Obligations May Arise From Benefits Received In The Past, From Motives Of Piety, Conscience And Friendship, And From The Rules Of ...

Consideration Void In Part
Consideration Void In Part. Where The Consideration Is Void In Part, And Is Entire In Character And Inseparable, Then The Whole Contract Fails. Equally So, If A Promise Is Entire And Not In Writing, When A Part Of It Is Required To Be In Writing By The Statute Of Frauds, ...

Construction Of The
Construction Of The 4th Section Of The Statute Of Frauds. It Is Said That The Form Required By The Statute Is Not Nec Essary To The Existence Of The Contract But Only To Its Proof. Hence The Note In Writing May Be Made At Any Time Between The Formation Of ...

Construction Of The_2
Construction Of The 17th Section. In This Section Several Methods Are Pro Vided In Which The Contract May Be Validly Made Aside From The Written Memorandum. The Same Requisites For The Memorandum Are Applicable In This Case, As Tinder The 4th Section, With The Exception That The Au Thorities Are ...

Contract Cannot Confer Rights
Contract Cannot Confer Rights On A Third Party. As A General Rule It Is Stated That A Contract Between Two Or More Persons Cannot Confer Rights On A Third Person Any More Than Liabilities, Unless The Contract Amount To A Declaration Of Trust. (anson On Cont.) This Rule, Which Is ...

Contract Cannot Impose Liability
Contract Cannot Impose Liability On A Third Party. A Contract Acts Upon The Parties, And Is Founded Upon Their Assent To Its Terms; It Follows That One Not A Party, And Not Assenting To Its Terms, Cannot Be Made To Assume Its Obligation. So It Is Said "a Man Cannot, ...

Contract Defined
Contract Defined. A Contract Is An Agreement Between Two Parties, Resulting In An Obligation Or Legal Tie, By Reason Of Which One Party Is Entitled To Have Certain Stipulated Acts Performed Or Forborne By The Other. The Word "contract" Is The Term Now Commonly Used To Denote That One Person ...

Contract May Be Assigned
Contract May Be Assigned. As We Have Seen A Contract Ordinarily Affects Only The Parties To It. But By Acts Of The Parties Or By Rules Of Law The Parties May Be Replaced By Others Who Then Assume Their Rights And Obligations. ...

Contracts Under
Contracts Under The Rule Of The Common Law Is That A Contract Executed With A Seal, Called A Specialty, Does Not Require A Consideration. The Origin Of This Rule Is Traced To The Fact That In The Early History Of The Law, Form Was Of More Importance Than Consideration. So ...

Contracts Within The Seven
Contracts Within The Seven Teenth Section. The Seventeenth Section Of The Statute Of Frauds Is As Follows: "that No Contract For The Sale Of Any Goods, Wares, And Merchandise For The Price Of To Pounds Sterling Or Upwards Shall Be Al Lowed To Be Good, Except The Buyer Shall Accept ...

Deeds Bonds Records
Deeds Bonds Records. Deeds. The Term "deed" Is Applicable To All Contracts Under Seal, But It Is Now Most Frequently Used In A Limited Sense To Denote An Instrument For The Conveyance Or Incurnbrance Of Real Estate. Its Execu Tion Consists In Its Being "signed, Sealed And Delivered," And Is ...

Discharge By Agreement
Discharge By Agreement. —the Contract Which Is Created By The Agreement Of The Parties May Be Discharged In The Same Way. And The Agreement Of The Parties Which Effects Its Discharge May Be In The Form Of A Waiver Or Rescission, A Substi Tuted Agreement, Or Result From The Happening ...

Discharge By Breach
Discharge By Breach. A Party Who Fails To Perform His Promises Under A Con Tract Thereby Comzits A Breach Of The Contract, And Such Breach In Every Instance Gives The Other Party A Right Of Action Either To Secure Damages For The Breach Or To Enforce The Party In Default ...

Discharge By Impossibil Ity
Discharge By Impossibil Ity Of Performance. As A General Rule A Subsequent Impossibility Of Performance Will Not Ex Cuse A Party Who Has Made An Unconditional Promise To Do A Thing. But A Group Of Excepstions To The Rule Have Been Established By Judicial Precedents. Thus, If The Impossibility Arises ...

Discharge By Perform Ance
Discharge By Perform Ance. When A Contract Has Been Fully Performed According To Its Terms On Both Sides It Is Discharged. But The Performance By One Party Of His Promise, Un Less It Is A Promise Given For An Executed Considera Tion, Does Not Necessarily Discharge The Contract, Though It ...

Discharge Of Contract By
Discharge Of Contract By Operation Of Law. The Operation Of Rules Of Law In Certain Cases Discharge A Contract; Thus, The Bankruptcy Of A Party When Legally Determined By A Competent Court Discharges Previous Debts And Liabili Ties, So The Contract May Be Merged Into A Higher Obli Gation As ...

Discharge Of Right Of
Discharge Of Right Of Action Arising From Breach. The Right Of Action Arising From The Breach Of A Con Tract May Be Discharged In Either Of Three Ways: (a) By Consent Of Parties; (b) By The Judgment Of A Court Of Cempetent Jurisdiction; (c) By Lapse Of Time. (anson On ...

Dissolution By Act Of
Dissolution By Act Of The Parties. On Assuming The Re Lation The Partners May Expressly Agree That It Shall Continue For A Stated Time, And The Lapse Of This Time Works A Dissolution, Unless Continued By A New Agree Ment. And Where A Definite Object Or Single Transac Tion Is ...

Dissolution By Operation Of
Dissolution By Operation Of Law. The Happening Of Any Of The Following Events Cause A Dissolution Of The Partnership: The Death Of A Partner; The Marriage Of A Feme Sole Partner At Common Law; The Bankruptcy Of A Partner Or His Assignment For Benefit Of Creditors; The Insanity Or Lunacy ...

Distinctions
Distinctions. At Common Law, The Presence Of A Seal Is Said To Im Port A Consideration, Without Its Being Expressly Stated, And To Preclude The Denial Of That Fact, While The Same Words Without A Seal Would Have No Such Effect. (2 Kent Corn. 464.) So Statements Made In A ...

Duress
Duress. Where The Contract Is Assented To By One Of The Parties By Rea Son Of His Being Coerced By Actual Or Threatened Vio Lence, It Is Duress, And The Party Coerced May Avoid It. What Constitutes Duress Has Been Explained In A Pre Vious Volume Of This Series, And ...

Effect Of Fail Ure
Effect Of Fail Ure To Satisfy The Statute. A Contract Of The Kind Mentioned In This Section Which Is Not Put In Writing And Signed Is Not Void But Cannot Be Proved. (leroux V. Brown, 12 C. B. 801; Pritchard V. Norton, Io6 U. S. 134.) But In Those States ...

Effect Of Failure To
Effect Of Failure To Com Municate All The Terms Of Offer. "if An Offer Contains On Its Face The Terms Of A Com Plete Contract. The Acceptor Will Not Be Bound By Any Other Terms Intended To Be Included In It; Unless It Ap Pear That He Knew Of Those ...

Effect Of Failure To_2
Effect Of Failure To Satisfy The 17th Section'. The Utlitcction Of The Stat Ute Of Frauds, Unlike The 4th Section, Is Said To Go To The Existence Of The Contract, And Invalidate A Contract Within The Section Which Is Not Made As It Prescribes. (leroux V. Brown, 12 C. B. ...

Effect Of Illegal Contract
Effect Of Illegal Contract. Where The Contract Is Illegal It Is Void And The Party Promising Is Released From His Promise Whether Made Under Seal Or By Parol, The Defense Of Illegality Is Not A Favor To Either Of The Parties, But Is Allowed In The Inter Est Of The ...

Elements Of A Valid
Elements Of A Valid Con Tract. As We Have Seen In Section 406, The Essen Tial Elements Of A Valid Contract Are: I. Agreement, Or The Mutual And Genuine Concurrence Of The Parties In The Thing To Be Done Or Omitted, Usually Indicated By Offer And Acceptance. 2. Consideration, Or ...

Equity
Equity. "the Court Of Equity Is The Chief And Appropriate Tribunal For The Settlement Of All Controversies Growing Out Of Part Nership Transactions As Such. Its Principal Function Is In Winding Up The Partnership Affairs And Arriving At The Respective Interests Therein Of The Partners And Creditors, But Its Aid ...

Essentials Of The Defini
Essentials Of The Defini Tion. The Essential Things To Be Considered In Every Contract Are: The Agreement, The Parties, The Consid Eration, And The Subject Matter, Or The Thing To Be Done Or Omitted. (fuller V. Kemp, 138 N. Y. 231.) The Agreement, Or Assent Of The Parties To The ...

Evidence As To Fact
Evidence As To Fact Of Agreement. A Written Contract May Be Shown Invalid By Parol Evidence Of The Incapacity Of A Party, Want Of Genuine Consent, Illegality Or Immortality Of Object, And The Like. (wooden V. Shotwell, 23 N. J. L. 465; Totten V. United States, 92 U. S. 105.) ...

Evidence As To Terms
Evidence As To Terms Of The Contract. The General Rule Of Law Is That The Written Statement Of A Contract Forms The Best Evi Dence Of The Intention Of The Parties, And Is Not Enlarged Or Varied By Parol Evidence. Exceptions To This Rule Mentioned By Anson Are: (a) Terms ...

Examples Of Valid And
Examples Of Valid And Suf Ficient Considerations. The Following Are Held To Be Valid And Sufficient Considerations: (a) The Prevention Of Litigation, As The Mutual Submission Of A Controversy To Arbitration, Both Being Bound, The Mu Tual Promises Being A Consideration Each For The Other; (b) A Compromise When Mutual; ...

Exceptions Noticed
Exceptions Noticed. (a) Where All The Terms Have Not Been Put In The Writing, Parole Evidence Of The Supplemental Terms Is Admissible As Completing The Contract. (lyon V. Lenon, Io6 Ind. 567; Mobile, Etc. V. Jurey, Iii U. S. 584.) An Example Of A Collateral Term Allowed To Be Proven ...

Executed And Executory Contracts
Executed And Executory Contracts. A Contract That Is Fully Performed On Both Sides Is Said To Be "executed." While A Contract Under Which Nothing Has Been Done Is "executory." Contracts May Be Part Performed And Part Unperformed, That Is, Both Executed And Executory In Part. (2 Bl. Corn. 443; Fletcher ...

Executed And Past Considerations
Executed And Past Considerations Discussed. 1. An Executory Consideration Refers To A Future Act; Thus, A Promise For A Promise Constitutes A Contract Upon Ex Ecutory Considerations. Either May Perform, Or Offer To Perform, And Thus Bind The Other, To Fulfill Or Com Pensate For The Breach. 2. An Executed ...

Express And Implied Contracts
Express And Implied Contracts. Contracts Are Further Di Vided Into Express And Implied Contracts. Express Contracts Are Those Which Are Openly Ut Tered In Detail, Or Are Reduced To Writing So That The Terms Are Known To Each Of The Contracting Parties, As An Agreement To Sell Stated Goods At ...

Extent Of Lia Bility
Extent Of Lia Bility. Apparently Opposed To The Principle Of The Common Law That Partnership Obligations Are Joint Is The Further Principle That Each Partner Is Responsible In Solido For All The Debts Of The Firm. The Action To Es Tablish The Liability Is Joint, As Common Law Process Was ...

Extent Of Powers
Extent Of Powers. The Implied Authority Of A Partner Ex Tends To All Acts Within The Usual And Ordinary Scope Of The Business Of The Firm. The Scope Of The Business In Cludes Whatever Is Necessary For Its Successful Con Duct, Considering Its Nature And Usage, But Subject To Enlargement ...

Failure Of Consideration Discussed
Failure Of Consideration Discussed. A Consideration May Apparently Be Valuable And Sufficient, And Turn Out To Be No Considera Tion At All, Or Before The Contract Is Executed It May Fail. (i Pars. Cont. 462.) If The Thing To Be Done Is In Its Nature Separable And Divisible, And There ...

Forbearance
Forbearance. To Forbear For A Time To Bring Proceedings At Law Is A Valid Consideration For A Promise. But Such A Consid Eration Fails If The Claim Is Wholly False, And Clearly Un Sustainable At Law Or In Equity, Though If The Claim Is Merely Doubtful The Consideration Would Be ...

Form Of Dis Charge
Form Of Dis Charge By Agreement. "the General Rule Is, That A Contract Must Be Discharged In The Same Form As That In Which It Is Made. A Contract Under Seal Can Only Be Discharged By Agreement; If That Agreement Is Also Under Seal, A Contract Entered Into By Parol ...

Fraud
Fraud. Where Untrue Conclusions Have Been Induced By Representa Tions Of One Party, Made With A Knowledge Of Their Un Truth, And With The Intention Of Deceiving, It Is Fraud. (anson, Cont. P. 121.) The Essential Features Which Constitute Fraud Are: (a) A False Representation Of Fact, (b) Made With ...

Full And Val Uable
Full And Val Uable Consideration. A Full And Valuable Consideration Is One Which Is A Just Equivalent For What Is Given Or Promised. A Valuable Consideration Is Good In Law, And As Be Tween The Parties Can Only Be Attacked For Such Gross Inequity As Amounts To Fraud, Or Constitutes ...

Good Con Sideration
Good Con Sideration. A "good" Consideration Is Defined By Blackstone By Giving An Example Of It, "as That Of Blood, Or Natural Affection, When A Man Grants An Es Tate To A Near Relation; Being Founded On Motives Of Generosity, Prudence And Natural Duty." And He Fur Ther Observes That ...

How Acceptance May Be
How Acceptance May Be Made. The Acceptance Of An Offer May Be By Ex Press Words Or By Conduct. Where An Offer Is Made And Neither Accepted Nor Rejected Expressly, But The Party To Whom The Offer Is Made Proceeds In The Matter And Derives Profit Or Benefit From It, ...

How An Offer May
How An Offer May Be Termi Nated. We Have Seen (section 418) That Any Offer May Be Revoked Before Acceptance, But This Rule Should Except Offers Under Seal. Further We Have Seen That An Offer Unaccepted Will Lapse By The Expiration Of A Reasonable Time, And That Where The Parties ...

How Partnership Is Created
How Partnership Is Created. To Create A Partnership Two Things Must Concur: 1. There Must Be A Valid Agreement To Enter Into It. 2. The Agreement Must Be Executed, Or Acted Upon. ...

Illegal Agreements
Illegal Agreements. By An Il Legal Agreement Or Contract Is Meant, Not One Lacking Some Of The Legal Requisites Of A Binding Contract, But One, The Subject-matter Of Which Is In Contravention Of Some Positive Law. (walker, Am. Law, 467.) The Prin Ciple Being That If The General Intent Of ...

Immoral Agreements
Immoral Agreements. Where The Undertaking On Either Side Is To Do Or Permit Some Thing Decidedly Immoral, As Prostitution, Making Inde Cent Books Or Pictures, And The Like, The Law Will Not Aid Either Party In Enforcing The Contract. But The Law Will Not Avoid Contracts Merely Indelicate, And If ...

Implied Powers Of Partners
Implied Powers Of Partners. As Between Themselves Parties Becoming Partners May Limit By Agreement The Powers To Be Exercised By Individual Partners, But In The Absence Of Such Agree Ment, Or In Dealing With Third Persons Who Have No Notice Of The Limitations Imposed By Agreement, Each Partner Impliedly Possesses ...

Implied
Implied It Is Not Always Convenient For Contract Ing Parties To Express Clearly And Fully The Terms Of The Contract Between Them. In Such Cases The Law Has To Step In, And By Rules Or Principles Of Construction And Interpretation Declare From The Situation Of The Parties What Should, And ...

Impolitic Agreements
Impolitic Agreements. Agree Ments Or Contracts Against Public Policy Are Such As The Precedents Have Established To Be So. Like The Ques Tion Of Morality, The Question Of What Constitutes An Impolitic Object Of Contract Is Not To Be Canvassed For Every Contract, And Unless There Is Some Recognized Au ...

Importance Of Contracts In
Importance Of Contracts In Society. The Subject Of Contracts Is Pre-eminent Ly- The Most Important And Far-reaching Branch Of The Municipal Or Positive Law. "indeed," Says Professor Parsons, "it May Be Looked Upon As The Basis Of Hu Man Society." In A State Of Wild Or Savage Nature, Each Man ...

Independent Promises
Independent Promises. A Promise May Be Independent In Sev Eral Ways: (i) It May Be Absolute, (ii)it May Be Divisible, (iii) It May Be Subsidiary. (anson On Cont. P. 287.) (i) By An Absolute Promise Is Meant One For Which The Consideration Is The Mere Liability Of The Other Party, ...

Indicated By The Method
Indicated By The Method Of The Breach. A Breach Of Contract May Occur: (a) By A Party Renounc Ing His Liabilities Under It, (b) By A Party So Acting As To Make It Impossible To Fulfill His Promise, (c) Or By The Party Totally Or Partially Failing To Perform What ...

Infancy
Infancy. A Per Son Under The Age Of Majority, Which Age Is Usually Regulated By Statute, Is Presumed Not To Have Attained To Such Years Of Discretion As To Be Able To Assent Or Agree, And Because Of This He Is Allowed The Privilege Of Avoiding Contracts Made During Infancy, ...

Instances
Instances. The Acts, Admissions And Declarations Of A Partner Dur Ing The Existence Of A Partnership, And While He Is En Gaged In Business Within The Scope Of The Partnership, Is Evidence Against The Firm, But Not To Prove The Ex Istence Of The Partnership Itself, Or To Deprive Other ...

Interpretation A Matter Of
Interpretation A Matter Of Law. The Interpretation Or Construction Of A Con Tract Is For The Court, That Is, It Is A Matter Of Law. \vhere The Dispute Is As To What Was Said In An Oral Contract It Is A Question Of Fact For The Jury To Determine. But ...

Its Sale By A
Its Sale By A Partner. As A General Rule Where Land Belongs To The Firm While The Title Is In One Or More Of The Part Ners, A Purchaser From The Partners Without Notice Of The Partnership Rights Acquires A Good Title. (erwins App. 3 \\tr. (pa.) 535; Page V. ...

Kinds Of Consideration
Kinds Of Consideration. Under The Roman Civil There Were Four Kinds Of Con Sideration, As Follows: "do Ut Des," Money Or Goods To Receive Money Or Goods; "facio Ut Facias," Work For Work An Act For Au Act, As Mutual Promises; "fa Rio Ut Des," Work For A Price, Express ...

Kinds Of Partners
Kinds Of Partners. In Respect To Their Relation To The Partnership, Partners Are Vari Ously Designated As: Ostensible, Secret, Nominal, Si Lent, Dormant, Retiring, Incoming, General And Spe Cial Partners. An Ostensible Partner Is One Who Is Publicly Held Out To The World As A Partner, As By Being Joined ...

Kinds Of Partnership
Kinds Of Partnership. Part Nerships Are Either: Universal, General, Special, Or Limited. A Universal Partnership Is One In Which All The Prop Erty Owned By The Parties Is Contributed, And All The Profits Are Joint Benefits. A General Partnership Is One In Which The Partners Have United For The General ...

Liabilities Under A Contract
Liabilities Under A Contract Cannot Be Assigned. It Is A General Principle That A Mere Liability Or Debt Cannot Be Assigned. (can Non V. Kreipe, 14 Kans. 324; Van Scatter V. Leffets, Ii Barb. 140.) The Rule Is Said To Be Based On Sense And Convenience. A Party Contracts With ...

Liability Of Partners And
Liability Of Partners And The Firm For Torts. A Firm Becomes Liable For Torts Or Wrongs Committed By Individual Partners While Acting Within The Scope Of The Business, In The Same Manner As A Master Is Bound For His Servant's Tort, Or A Principal For That Of His Agent. If ...

Liability Of Partners On
Liability Of Partners On Firm Contracts. Partnership Contracts At Law, As Distinguished From Equity, Are Considered Joint, And Are Neither Several, Nor Joint And Several. That Is, The Obligation Arising From Firm Contracts Affects The Partners Jointly And Makes Their Liability Joint. Hence In Suits Against A Firm All The ...

Limited Partnership Asso Ciations
Limited Partnership Asso Ciations. Some States Have Provided By Statute For The Organization Of Limited Partnership Associations, Which Are Neither Partnerships Nor Corporations, But Perhaps Resemble The Latter More Than The Former. The Statutes Provide That A Number Of Persons—in Ohio Not Less Than Three Nor More Than Twenty-five—may Unite ...

Limited Partnerships
Limited Partnerships. Lim Ited Partnerships Exist In All Of The States, And Under Almost Similar Statutes. It Changes The Liability Of The Special Partner, From A General Liability For All Firm Claims To The Payment Of A Limited Amount. Hence The Purpose Of Limited Partnerships Is: I. To Bring Into ...

Manner Of Treating The
Manner Of Treating The Sub Ject. The Subject Of Partnership Can Be Best Treated Under The Three Parts, Into Which It Naturally Divides Itself: I. The Formation Of Partnership, Or The Assum Ing The Relations Of Partners. 2. The Principles Which Rcgulate Partnership During Its Existence. 3. The Principles By ...

Married Wom En
Married Wom En. At Common Law, Except As To Their Equitable Sep Arate Estate, Married Women Were Unable To Make A Valid Contract Either To Bind Themselves Or To Acquire Rights Thereby, But This Disability Is Now Removed By Statutes In The Several States, And With A Few Excep Tions ...

Matter As An Ele
Matter As An Ele Ment In A Valid Contract. In General The Parties May Contract About Whatever They Choose. This Freedom Of Contract Is Limited Only In This, That Public Policy Refuses To Sanction The Contracts Of The Parties Made Along Certain Lines, And Though All Other Requi Sites Of ...

Method Of Ac Counting
Method Of Ac Counting. In General The Method Of A Partner Ship Accounting Is As Follows: T. Ascertain How The Firm Stands Toward All Persons Not Partners. 2. Ascertain What Each Partner Is Entitled To Charge In Account With His Copartners, Including, (a) What Each Has Brought In, Whether As ...

Method Of Presenting The
Method Of Presenting The Law Of Contracts. Authors Differ In Their Method Of Treating The Subject Of Contracts. We Pre Fer To Follow The Plan Adopted By Sir William Anson, In His Principles Of The English Law Of Contract, And Treat, First, Of The Formation Of A Valid Contract, And ...

Misrepresen Tation
Misrepresen Tation. "one Of The Parties May Have Been Led To Form Untrue Conclusions Respecting The Subject Mat Ter Of The Contract By Statements Innocently Made, Or Facts Innocently Withheld By The Other. This Is Mis Representation." (anson On Cont. P. 121.) Misrepresentation Is To Be Distinguished From Fraud; And ...

Mistake
Mistake. Where The Parties Have Not Meant The Same Thing; Or One Or Both May, Though Meaning The Same Thing, Have Formed Untrue Conclusions As To The Subject Matter Of The Agreement, It Is A Mistake. (anson On Contract, P. 121.) Mistake Of Intention, Which Is Here Being Considered, Is ...

Nature Of The Agreement
Nature Of The Agreement Or Assent Of The Parties. In General, The Agreement Or Assent Of The Parties Must Be A Mutual Willingness To Enter Upon And Be Bound By An Under Stood Bargain. There Is No Contract Unless The Parties So Assent To The Same Thing And In The ...

Nature Of The Contracts
Nature Of The Contracts In Tiie Section. The Special Promise To Answer For The Debt Of Another Must He A Promise To Stand Good For That Which Another Person Is Primarily Liable To Pay. If No Credit Was Given To The Party Receiving The Benefit And The Promisor Alone Is ...

Necessity Of Consideration To
Necessity Of Consideration To A Valid Contract. As A General Rule Of Law Every Valid Contract Must Be Founded Upon A Legal Consideration Moving From The Promisee To The Prom Isor, And Mere Gratuitous Promises Will Not Be En Forced. (bank V. Rice, 107 Mass. 37.) The Considera Tion May ...

Necessity Of Notice Of
Necessity Of Notice Of Dis Solution. The Proper Method Of Exercising The Right To Dissolve A Partnership By The Act Of One Or All Of The Partners Is, By Notice To That Effect, To The Other Partners, To Creditors Of The Firm And To Third Persons. When A Partnership Is ...

Offer Is Revocable Until
Offer Is Revocable Until Accepted. Any Offer Without Consideration May Be Withdrawn At Any Time Before Acceptance, But In The Case Of An Offer Communicated By Mail, The Offer Is Considered As Being Repeated Every Instant Of Time Until The Letter Has Reached Its Destination, And The Cor Respondent Has ...

Offers At Auction When
Offers At Auction When Accepted. By Persons At An Auction Are Simply Offers To Buy At That Price, And Are Not Binding, And May Be Withdrawn At Any Time Before Acceptance. The Acceptance Is Announced By Letting Fall The Hammer And Knocking The Article Off To The Bidder; When This ...

Offers On Time
Offers On Time. All Offers Might Be Considered As On Time, As The Answer Must Follow The Offer And Cannot Be Exactly Simultaneous With It. But By An Offer On Time Is Meant One In Which The Offerer Gives The Person A Definite Time Within Which He May Accept. Thus ...

Operation Of Law
Operation Of Law. Independent Of The Act Of Parties Rights And Liabilities In Contract May Be Transferred From One Person To Another. Rights Arising From Contract Are Transferred By Operation Of Law To Others In The Case Of Interests In Realty Which Run With The Land, And When By The ...

Or Final Accounting Principles
Principles Governing The Winding Up, Or Final Accounting. The Settlement Of The Final Accounts Of A Firm Should Begin At The First Of The Joint Dealings Unless There Has Been Periodical Final Settlements, And Should End With The Close Of The Partnership, Unless Some Of The Partners Continue It Without ...

Other Classi Fications
Other Classi Fications. A Contract Consisting Of Mutual Exec Utory Promises Is Said To Be "bilateral," As In The Exec Utory Contract Of Sale, Where One Is Bound To Buy And Pay The Price, And The Other To Deliver The Thing Sold. Where The Consideration Is Executed On One Side ...

Part Payment In Discharge
Part Payment In Discharge Of Whole. A Promise To Re Linquish Part Of A Debt, Or Take Part In Discharge Of The Whole Is A Nudum Pactum And Without Legal Obliga Tion. (day V. Gardner, 42 N. J. Eq. 199.) "the Pay Ment Of A Smaller Sum In Satisfaction Of ...

Partners Ex Emption
Partner's Ex Emption. As A General Rule The Members Of A Firm Are Not Entitled To Statutory Exemptions Out Of Their Share Of Firm Property, As An Exemption Is An Individual And Not A Firm Privilege. ...