THE YOUNG FARMER 



necessary to a valid contract. ( i ) Possibil- 

 ity. The thing to be done must be possible. 

 (2) Legality. It must not be forbidden by 

 law. (3) Proper parties. The parties to a 

 contract must be competent. Contracts 

 with idiots or drunken persons are not bind- 

 ing. Some contracts with minors are not 

 binding, although contracts for the necessi- 

 ties of life are. (4) Mutual assent. A 

 proposition not assented to by both parties is 

 not binding on either. (5) Valid consider- 

 ation. A man is not regarded as injured by 

 the breaking of a promise for which he has 

 paid, or is to pay, nothing. (6) Fraud or 

 deceit. A contract obtained by fraud is void 

 as against the party using the fraud, but may 

 be enforced by the innocent party if he sees 

 fit. (7) Written contracts. Here comes the 

 most important difference between real and 

 personal property. Real property can only 

 be conveyed by a written instrument, prop- 

 erly executed and recorded, while personal 

 property passes by mere possession. Con- 

 tracts relating to the sale of real estate are 

 not binding unless in writing, while verbal 

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