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A Contract is an agreement to do a certain thing for a certain consideration within a time either stated or implied.A Contract may be made in one of three forms:(1) In Writing (with pen and ink or type-written).(2) A Written Proposition in the form of a letter signed by one party and accepted in writing by the other party.(3) By Oral Agreement in the presence of competent witnesses.
Things A Contract Should Include
Consideration.—A contract without consideration, if not under seal, is void at the option of the party against whom it is sought to be enforced. There is one exception to this rule. It does not apply to innocent indorsers and bona fide holders of negotiable papers. A promise is a good consideration fora promise.It is not always necessary that the consideration be expressed in the contract; it is sometimes implied.
Regular Contracts In Writing
Written Contracts should be expressed in plain everyday English such as any man would use hi the regular course of his business. People untrained in the law should not try to write in law phrases. Bear in mind that the whole purpose of a contract is to state a binding agreement that some lawful thing shall be done and something shall be paid for the doing of it within a given time.
Oral Contracts
Contract may be made upon an unwritten understanding or agreement. That is, 'by word of mouth.' And if the memory of both parties remain clear and exact as to all that was said, such contract may be safe.But if performance covers any appreciable length of time and differences of memory lead to dispute, enforcement is difficult and must depend mainly upon the testimony of others who were present when the agreement was made.
Two Simple Forms Of Contract
CONTRACT, made and concluded this first day of June, A. D. I9--, by and between John Jones, of the city of Spring-field, county of Sangamon, and State of Illinois, party of the first part, and Samuel Smith, of the same place, party of the second part, in these words...
Contract To Build
THIS AGREEMENT, made the tenth day of May, A. D. 19-, between John Doe, of the city of Bloomington, in the county of McLean, and State of Illinois, party of the first part, and Richard Roe, of the same place, party of the second part.Witnesseth, that the said party of the first part, for the consideration hereinafter mentioned, agrees to erect and build for the said party of the second part...
Contract For Hiring A Farm Hand
Know all Men by These Presents:That Walter A. Clyde agrees to work faithfully for Wm. R. Manbeck, as a general laborer on his farm, and to do any work that he may be called upon to do in connection therewith, in the township of Lisle, County of Dupage, and State of Illinois, for the period of one year, beginning the first day of February next...
Points On Contracts
Where reference to any business custom is made, it is advisable to name or mention that custom, to show that both parties understand that it is to be a part of the contract.A Subscription to a Church or a charity is generally a promise without a consideration and can-not be enforced against the subscriber if he declines to fulfil it.
Promissory Notes
A Negotiable Note is a positive promise in writing to pay to a person therein named or his order, or to bearer, a certain sum of money, at a specified date, or within a time that is certainly ascertainable.
Different Forms Of Notes
Thirty days after date I promise to pay John Jones One Hundred Dollars, value received.JOHN DOBSON. Negotiable Without Indorsement $100.00.
Forms Of Orders
An Order is a written request or direction for the payment of money or delivery of goods to a person therein named, the same to be charged to the person making the request.Orders for the payment of money are negotiable if made payable to order or to bearer, but the person on whom they are drawn is not under obligation to pay them, unless they have been accepted, for an order partakes of the nature of a draft.
Forms Of Receipts
Receipt for Rent. Ottumwa, Iowa, May I, 19-. Received of William Lawrence, Thirty Dollars, in full for rent of residence at 96 Adams Street for the month of May.
Employer And Employee
An Agreement to work for another is a very common kind of contract in business life.There are two general kinds:1. To do some particular thing.2. To do whatever the employer may direct.Contracts of this nature have the same essential elements as contracts of any other nature: The parties must be competent to contract; the thing to be made the subject of contract must be stated; the consideration must be fixed; there is a definite time of performance, and definite times of payment.
Employers' Liability Laws
Employer's Liability for Injuries.—An employer is legally bound to take all reasonable pre-caution to secure the safety of his employees acting in the course of their duties. He must caution them against risks or dangers that are not in themselves apparent to them.
Rate Of Compensation
Most of the states and territories have enacted laws providing compensation to employees for injuries sustained while in the performance of their duties.Restrictions are usually made in case of injury causing disability for more than two weeks, or death not due to the employee's intention to injure himself or another, or to intoxication.
Total Disability
Alaska.--Total permanent, $3,600 to workman alone; $1,200 additional if wife is living; $600 additional for each child under 16; total not to exceed $6,000; if no wife or child, $600 to each de-pendent parent; total temporary disability, 50 per cent of weekly wages for not more than six months.Arizona.-50 per cent of average semi-monthly earnings during disability, not to exceed $4,000.
Partial Disability
Alaska.—Fixed sum for specified injury varying with the conjugal condition and number of children.Arizona.—A semimonthly payment equal to one half of the weekly decrease; total amount for a single injury not to exceed $4,000.
Guaranty, Affidavits, Agency
A Guaranty is a promise or undertaking to pay the debt of another in case the Iatter does not pay it.Names of Parties.—The person who makes the promise is called the guarantor, the person in whose behalf the promise is made, the principal, and the person to whom the promise is made, the guarantee.
An Affidavit is a statement made under oath (or affirmation) before an authorized official, and signed by the person making it.For What Used.—In judicial proceedings, except for trial of causes, affidavits are the usual means of presenting evidence to the court, and are most frequently used to support or oppose the numerous applications for orders, known as motions.
An Agent, in law, is a person authorized to act for another, called the principal, the relation between them being known as agency.Agency is one of the most common and necessary relations of life. Nearly everyone acts every day as the agent of someone else. Thus every clerk in a store is the agent of the proprietor.
Apprenticeship, Arbitration
An Apprentice is a person bound to service for a number of years, and receiving in return instruction in his master's business. Although in most of the states the contract is provided by statute, apprenticeship, as a necessary means of access to a trade, has been almost universally abolished.
The Law Favors the peaceful settlement of controversies, and in many of the states there arestatutes providing for the submission of disputed matters to the decision of one or more persons, called arbitrators. Their decisions are called awards.
Assignments, Bailments, Bankruptcy
An Assignment is the transfer of a debt, obligation, bond, wages, or any kind of property, personal or real, or any actual interest therein. It also signifies the written instrument by which the transfer is effected.How Made. An assignment may be written on the back of the instrument it is intended to convey, or on a separate paper.No Formality Is Required by law in an assignment.
Definition.—Bailment is a delivery of goods or money by one person to another in trust, for some special purpose, upon a contract, expressed or implied, that the trust shall be faithfully executed.Names of Parties.—The owner of the goods bailed is termed the bailor, and the person to whom they are delivered or bailed, the bailee.
Insolvency and Bankruptcy are not the same thing. A man or a business may be insolvent and yet go on if current bills or accounts are paid; and no creditor can bring suit. But bankruptcy means that a man or a business has by a court been adjudged bankrupt and put in the hands of a trustee, for the benefit of creditors.
Bonds, Brokers, Commission Merchants
A Bond is an instrument in writing whereby one person binds himself (or several persons bind themselves) to another or others to pay a sum of money, to abide by an award, or to do some lawful act, or not to do some particular thing or things specified in the condition of the bond.Names of Parties.
A Broker is an agent who is employed to transact business for others. His province is to find buyers and sellers and bring them together to make their bargains, or to transact for them the business of such buying and selling. In law, he is regarded as a middleman, or intermediate negotiator between the principals on both sides of the negotiation conducted by him.Classes of Brokers.
Commission Merchants
A Commission Merchant is one to whom goods are sent for sale, and who charges a certain per cent on the price of the goods sold for his service, which is called commission.Farmers and manufacturers who have large quantities of goods to sell send them to the cities to the commission merchant, who sells them for them.
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