authorities agree that it is closed at any rate on the receipt of the acceptance. A proposer may avoid the difficulty by saying he will be bound on receipt of his offer.

If a telegram received varies from the one sent, probably there is no contract. If this erroneous message is acted upon to the injury of either of the parties, the injured party has a claim on the telegraph company to the extent of his damage. But telegraph companies very generally stipulate, by a notice at the head of their message blanks, that they will not be responsible for variations unless the message is repeated from the office to which it is sent.

If a proposal is revoked by letter or telegram, the revocation does not take effect till the letter or telegram is received.

Public proposals, such as offers of rewards, bounties, etc., create a binding contract with any one complying with the conditions of such proposals.

Advertised time-tables of railroads, steamboats, etc., constitute a contract between the ticket-holder and the company, to start their trains or boats at the advertised times and to make the trips on time, in case they announce the hours of arrival, unless prevented by some event or accident beyond their control.

How Made Under the Statute of Frauds.-By a statute, called the Statute of Frauds, enacted in England in 1678, during the reign of Charles the Second, and substantially re-enacted in all our states, the following contracts must be put in writing, signed at least by the party to be charged thereon; i.e. a claim founded on one of these contracts cannot be enforced, at any rate against a party whose name is not signed to a written statement of the contract ; of course it is better that each party should sign the writing.

(1) The contracts of an executor or administrator to pay the debts of the estate of which he has charge.

(2) A promise to a creditor to pay a debt lawfully due him from another, or to be answerable in case of the default of this other. (3) An agreement made in consideration of marriage; as the agreement of a husband made before marriage to settle property on his wife.

(4) A contract for the sale of lands or of interests in lands. This would include agreements, not only for the absolute transfer of lands or houses; but also for making leases or mortgages of

real estate, for conveying life interests in real estate or rights of way over land or rights to flow land and even, in some instances, agreements for the sale of standing timber.

(5) Contracts which, by their terms, cannot possibly be performed within a year from the time they are made.

If the contract can possibly be performed within a year, even though the parties do not expect it will be, it need not be in writing. For example: A took a young girl from the poorhouse, orally agreeing to support her till she was eighteen; the girl died within a year; A then sued the town for her support during her illness, claiming that his agreement to support her, being oral, was not binding, since it could not be performed within a year; but the court held that the girl's death had made it possible to fulfill his agreement within a year.

(6) Contracts for the sale of "goods, wares, or merchandise," for the price of fifty (or thirty) dollars or upwards. (See Sales.)

These six classes of contracts, if made orally, are not illegal or void, but voidable at the pleasure of either of the parties. Either party may refuse to be bound by such an agreement; but if the contract is once performed, neither can then retract on the ground that it was an oral agreement.

Parties to a Contract. -In general any person of legal age and sound mind is capable of making a binding contract. But certain classes of persons have an ability to contract, more or less restricted.

Aliens. An Alien is a person born of foreign parents, or a foreign father, in a foreign country. An alien has the same right to contract as one of our own citizens, except while our nation is at war with his; and probably this limitation would not be enforced where the contracts had no connection with the war.

Corporations.-A Corporation is an association of people, its stockholders, chartered by the Legislature to act as a new and distinct legal person for the transaction of a specified business.

A corporation can own property and make any contract relating, directly or indirectly, to the business for which its charter was granted. But any contract made outside its chartered powers cannot be enforced either by the corporation, or by the other party to the

contract.

A stockholder may appeal to a court of equity to prevent

a corporation from performing such a contract.

For example: a railroad company could not be enforced to pay $5,000, which it had agreed to pay the managers of the Peace Jubilee in case of a deficit; such a contract was considered outside the purpose for which its charter was given, although the holding of the Peace Jubilee in a certain town brought the railroad an increase of passengers.

Drunkards.

-A contract made by a person so intoxicated as not to know what he was about, is not binding upon him, unless he agreed to it after he became sober. It is binding, however, on the the other party unless the intoxicated person retracts.

Executors and Administrators.—Where, in settling an estate, an executor or administrator makes new contracts or incurs new debts, he is personally responsible for them. But debts of the deceased are chargeable against the estate, unless the executor or administrator has agreed to become personally responsible for them.

Guardians.-A Guardian is a person who is appointed, by a court of law, to have charge of the person or property of another, his ward, while the ward is legally incapable of looking after his own affairs. Guardians are usually appointed for minor children (generally orphans), insane persons, and sometimes spendthrifts. In order to take charge of his child's property, or to make contracts binding the child's property, a parent must be appointed guardian by a court, just as any other person would have to be.

A guardian is not personally responsible for his ward's contracts, but only for contracts which he makes in behalf of the ward.

Insane. A person, permanently or temporarily insane, is not bound by contracts made during his insanity, with the exception of contracts for the necessaries of life for himself and family. The insane person, or his guardian, must retract his contracts during his lifetime, or they will stand.

Married Women. By the common law a married woman's contracts, made during coverture (i.e. while she is under the influence and protection of her husband), are void. She is not bound even by a ratification of her contracts after her husband's death or

her separation from him, if they were made during coverture.

But now very generally by statutes she has power to bind her own separate estate by her contracts.

both

Minors. All persons under twenty-one years of age, male and female, are Minors, or Infants. In Vermont, Maryland, Ohio, Illinois, and a few other states, a girl is of age at eighteen.

As a rule, a minor's contracts may be avoided by him at his option. But a boy of fourteen and a girl of twelve, (in some states eighteen and sixteen respectively,) can make a lawfully binding marriage. And a minor's contracts for necessaries of life for himself and family are binding on him.

Even in case of necessaries of life the minor cannot bind himself, if he has a legal guardian and is properly under this guardian's control. And in any event he is only bound to pay the reasonable price of such necessaries..

As to what constitute necessaries of life, a great deal will depend on the circumstances and position in life of the minor.

Though a minor can avoid a contract made during minority, he will be bound by such a contract if he ratifies it when he comes of age.

A mere acknowledgment of the contract, however, is not a sufficient ratification. He must clearly show an intention to consider the agreement a binding obligation upon him. In Maine, Kentucky, and a few other states this must be put in writing.

If he continues to take advantage of a contract made during his minority after he comes of age, it is generally considered a ratification.

The right to avoid a contract on the ground of infancy belongs to the minor alone, and the other party cannot make use of it.

In case a minor does repudiate his contract, if it still consists only of mutual promises, the other party is released at the same time.

If the minor has fulfilled the whole or a portion of the agreement, and then repudiates, he can take back all he has advanced. If it is some form of personal property, he can recover it even from a third person, who may have paid value for it.

If both parties have done their parts, then if the minor takes back what he has advanced, the other party may do the same. But he cannot force the minor to pay its equivalent in money, in case the

minor has parted with the identical thing advanced by the other party.

[For Agents and Partners, see chapters on Agency and Partnership.]

Consideration. The consideration is the material cause which moves a contracting party to enter into an agreement.

It is some loss or detriment to the party to whom the promise is made, such as the payment of money, or the giving of some article of value, or services rendered, or even his promise to do some of these things in the future.

This consideration is really the inducement offered by one party, by reason of which the other party enters into an agreement on his part. A simple promise, made without consideration, is not sufficient to create a legally binding contract, whatever may be its moral worth. One party to an agreement cannot enforce it at law, unless he has engaged to undertake, or has undertaken something in reliance on the other party's promise.

Every contract must have a consideration to make it binding. But where a written contract is executed under seal, the formality of affixing a seal to the signature is held to be conclusive evidence that there was a sufficient consideration for the contract.

A gratuitous promise, or one prompted by kindness or gratitude, will not support a contract.

Though the consideration seem very inadequate compared with what is promised, the contract will be binding.

The consideration may be expressly stated in the terms of the contract; or it may be implied, as in the case of a sealed instrument, or in the words, "value received," of a promissory note or bill of exchange.

The consideration for a promise must be something which the party promising could not legally claim before.

For example: if A owed B money, and B agreed to give A a book if he would pay him, B would not be bound to give the book to A on payment of the money; B's promise to give the book was without consideration, for A owed him the money at all events.

The assignment of a claim or debt against another is a sufficient consideration for the assignee's promise to pay the price asked for the claim or debt.