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 consist of a benefit to the maker of a promise, or some loss. trouble or inconvenience, or a charge or obligation resting upon the party to whom the promise is made. (Beach on Cont. Sec. 5.) The only exception to this general rule requiring a consideration, is in the case of specialties, or contracts under seal. where it is said that the seal or the form of the contract imports a consideration. (Northern As surance v. Hotchkiss, 90 Wis. 415.) A contract or agreement, other than specialties, in which no consideration has passed, is termed a "nudum pacturn," or naked agreement, and is without binding force. The term is derived from the civil law, where it designated such stipulations as were not clothed with the prescribed formalities or "vestitum." and was called "nudurn," or naked, because of the absence of these formalities.