CHAPTER X 

 CONTRACTS REGARDING GROWING TIMBER 



102. The Fundamental Principles of the Law of 

 Contracts. The essentials of every valid contract under 

 the English system of jurisprudence are: 



1. A definite offer and an unconditional accept- 

 ance. 



2. Formal evidence of the agreement, such as a 

 written agreement attested by a seal; or a con- 



sideration for the agreement, which may con- 



sist of some benefit to the promisor or some loss 

 to the promisee. 



3. Legal capacity of the parties to assume con- 

 tractual obligations, such as the attainment of 

 legal age and the possession of sound mind. 



4. Freedom of the agreement from vitiating ele- 

 ments, such as mistake, misrepresentation, 

 fraud, duress or undue influence. 



5. The contemplation of a result that is not for- 

 bidden by the common law or by statute and is 

 not contrary to the general policy of English 

 law, or that does not seek the accomplishment 

 of a legal purpose in an illegal manner. 



An offer or its acceptance may be communicated either 

 by words or by conduct, and the offer must be made with 

 the intention of creating legal relations. An offer may be 

 revoked by the one making it any time before acceptance 

 by proper notice to the other party, and will be revoked by 

 the death of either party, or by the lapse of a reasonable 

 time where no limit for acceptance is set. Where an act or a 

 benefit, in consideration of which a promise is made, is per- 

 formed or made effective at the time of the promise, the 

 agreement is known as an executed contract. Where a 

 promise by one party is given in consideration of a promise 



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