GOVERNMENT AND LAW. 



59 



ices thereof, and to confess judgment in favor of 

 the holder herein, for the sum that may be due 

 and owing hereon, with interest and costs and 

 waiving all errors. 



In Witness Whereof, I have hereunto set my 

 hand and seal at Williamsport, Pa., this first day 

 of June, 1899. [SEAL.] RICHARD ROE. 



Indorsements. 



In Blank. 



In Full. 



General. 



Forms of Guaranty. 



Guaranty of a Note. 



For value received, I guarantee the due payment 

 of a promissory note, dated October 8 T 1883, 

 whereby John Pax son promises to pay George 

 Andrews Eighty Dollars in three months. 



ST. Louis, Oct. 10, 1883. PETER FABER. 



General Guaranty. 



I hereby guarantee payment to any person who 

 shall accept and retain this instrument as a guar- 

 anty, for all goods which he may from time to 

 time supply to Eugene Parsons, not exceeding at 

 any time the sum of Five Hundred Dollars, this to 

 be a continuing guaranty till specially revoked. 

 Notice to be given me within ten days after its ac- 

 ceptance. DARBY CONGER. 



ST. Louis, Sept. 8, 1883. 



Extension of Time. 



In consideration that George Andrews gives to 

 John Paxson additional time to the extent of one 

 month for payment of the indebtedness due him 

 from said John Paxson guaranteed by me, I here- 

 by continue my guaranty for due payment thereof. 



January 8, 1884. PETER FABER. 



Guaranty of Fidelity. 



In consideration of the performance of the agree- 

 ments and covenants specified in the within agree- 

 ment by M. M., with my son, A. A., I do hereby 

 bind myself to said M. M. for the true and faithful 

 observation and performance of all the matters 

 and things by said A. A. agreed and covenanted 

 therein, and that he shall well and truly serve said 

 M. M. 



Witness my hand this day of , A.D. . 



P. A. 



Contracts. A contract is "an agreement 

 for a suitable consideration to do or not to do 

 a certain thing." 



The essentials of a contract are : 1 . The 

 Parlies; 2. Consideration; 3. Subject-matter; 

 4. Asssent ; 5. Time. These are essential 

 and the other elements are those that give to 

 the contract its particular character. 



1 . The Parties. The parties must be com- 

 petent. A contract with a minor is not bind- 

 ing upon him for anything except necessaries, 

 though he may hold the other party to a 

 strict accounting. What constitute necessa- 

 ries would depend upon the age, the rank, and 

 fortune of the minor. 



2. Consideration. No contract is valid with- 

 out a sufficient consideration. Consideration 

 may be divided ; as (A) VALUABLE ; (B) 

 GOOD ; (C) INSUFFICIENT. 



(A) VALUABLE CONSIDERATION is usually 

 expressed by money or is convertible into 

 money. 



(B) A GOOD CONSIDERATION is founded on 

 love, affection or gratitude. It will be accepted 

 as consideration for a contract already per- 

 formed, but is not good for contracts to be 

 performed some time in the future. As a gift 

 already made but not holding for one promised. 



(C) INSUFFICIENT CONSIDERATION may be 

 classed, as (D) GRATUITOUS ; (E) ILLEGAL ; 



(F) IMPOSSIBLE ; (G) MORAL. 



GRATUITOUS. A contract based on a promise 

 wholly gratuitous is void for want of consid- 

 eration. Examples: Public subscriptions, 

 charities, etc. 



ILLEGAL. A contract with an illegal consid- 

 eration is void. A contract to commit, con- 

 ceal, or compound a crime is void. Either 

 party may avoid the contract where the con- 

 sideration is illegal. 



IMPOSSIBLE. If the consideration is im- 

 possible the contract is void. The law compels 

 no one to perform impossibilities. That the 

 consideration was difficult would not be an 

 excuse. 



MORAL. A moral obligation, alone, is not 

 a sufficient consideration. A person is not 

 legally obligated to pay for services already 

 rendered a relative, even though he promise to 

 do so after the services are performed. Had 

 the person promised before the service was 

 performed, the case would be different. The 

 position of a parent and minor child would be 

 an exception. 



3. Subject-matter. All contracts the sub- 

 ject-matter of which is illegal, immoral, or im- 

 politic are void. 



Contracts in restraint of trade are void even 

 though given for a valuable consideration. A 

 contract not to carry on a lawful business 



