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Indiana University Studies 
Bankruptcy. The law of bankruptcy took its rise in the 
time of Henry VIII by virtue of a statute of bankruptcy, but 
tiiis statute was for the aid of creditors not debtors. 
Contracts. The modern consensual contract had its origin 
in this period, altho most of its development has occurred dur- 
ing subsequent periods. During the Archaic Period, the only 
promises enforced were the promise under seal, and the de- 
livery-promise and the surety-promise, — the former by the ac- 
tion of covenant, and the latter by the action of debt. Simple 
oral promises were not enforced. This defect in the law was 
remedied by the common law courts during the Strict Period — 
probably not for the sake of reform but to keep jurisdiction 
over contracts away from the chancery court — thru the de- 
velopment of the action of special assumpsit, an action on the 
case in the nature of deceit (or in the nature of trespass ac- 
cording to some authorities), and the action of general 
assumpsit, an action on the case in the nature of debt. As a 
result of the latter assumpsit became both concurrent with 
debt and available for the enforcement of inferred promises, 
and as a result of the former, oral promises as well as written 
became enforceable provided they conformed to certain techni- 
cal requirements. Special assumpsit grew out of actions on 
the case for the tort of negligence and actions upon the case 
for deceit upon a false warranty. The action of special 
assumpsit was allowed in the time of Henry IV where a de- 
fendant had undertaken (assumpsit) to do something for the 
plaintiff and afterwards was guilty of misfeasance, but it 
was not until the time of Henry VII that it was allowed for 
an undertaking followed only by nonfeasance . 28 By the end 
of Elizabeth’s reign the action had become of general use. 
The common law methods of conveyance under the feudal 
system were the feoffment, or livery of seisin, to transfer as 
estate of freehold to a stranger to the original grant by one 
who was in possession of the land ; an oral agreement and entry 
to create estates less than freehold in possession; and deed 
to create estates, either freehold or less than freehold, by one 
who was not in possession (reversioners and remaindermen). 
During the Strict Period, in connection with the development 
of uses, equity also developed two new methods of conveyance, 
the bargain and sale deed where a valuable consideration was 
28 Thorne v. Deas, 4 Johns (N.Y.) 84. 
