The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1875-10-16
BUSINESS LAW.

forced.
A contract made with a minor is void.
A contract with lunatic is void.
A note obtained by fraud, or from per-
son in state of into1ication, cannot be
collected.
1t is a fraud to conceal fraud.
If note is lost or stolen, it does not re-
lease the maker; he must pay it, if the con-
sideration for which it was given and the
amount can be proven.
Notes bear interest only when so stated.
Principals are responsible for the acts of
their agents.
Each individual in partnership is re-
sponsible for the wlRole amount of the debts
of the firm, except in case of special part
nership.
Ignorance of the law excuses no one.
The law compels no one to do impossi-
bilities.
An agreement without consideration is
void.
Signatures made with lead pencils are
good in law.
A receipt for money is not always con-
elusive.
The acts of one partner bind all the rest.
"Value received" is usually written on
a note, and should be, but is not necessary.
If not written, it is presumed by the law, or
may be supplied by proof.
The maker of an accommodation =" bill
for oh La
consideration, having lent his name or credit
for the accommodation of the holder is not
bound to the person accommodated, but is
bound to all other parties, precisely as if
there was good consideration.
No consideration is sufficient in law if it
be illegal in its nature.
Checks or drafts must be presented for
payment without unreasonable delay.
Checks or drafts should be presented dur
ing business hours, but in this country,
except in the case of banks, the time ex-
tends through the day and evening.
If the drawee of draft or check has
changed his residence, the holder must use
due or reasonable diligence to find him.
If one who holds check as payee or
otherwise, transfers it to another he has a
right to insist that the check be presented.
that day, or, at farthest, on the day follow
ing.
A note endorsed in blank (the name of
the endorser only written), is transferable
by delivery, the same as if made payable to
bearer.
If the time of payment of note is not
inserted, it is held payable on demand
The time of payment of a note must not
depend upon contingency. The promise
must be absolute.
bill may be written upon any paper, or
substitute for it, either with ink or pencil
The payee should be distinctly named in
the note, unless it is payable to bearer.
An endorsee has right of action against
all whose names were on the bill when he
received it.
If the letter containing a protest Of non
payment be put into the post-office, any
miscarriage does not affect the party Civ
ing notice.
Notice of protest may be sent either to
the place of business or of residence of the
party notified.
The loss Of bill or note is not sufficient
excuse for not giving notice of protest.
The holder of a note may give notice of
protest either to all the previous endorsers
or only to one of them; in case of the lat
ter he must select the last endorser, and
the last must give notice to the last before
him, and so on. Each endorser must send
notice the same day or the following
Neither Sunday nor legal holiday is to be
counted in reckoning time in which notice
is to be given.
If two or more persons as partners are
jointly liable on note or bill, due notice
to one of them is sufficient.
If note or bill is transferred as security,
or even as payment of pre-existing debt,
the debt revives if the bill or note be dis
honored.
An endorsement may be written on the
face or back.
An endorser may prevent his own liability
to be sued by writing "without recourse, p"
or similar words.
All claims which do not rest upon seal
Of judgment must be sued within three years
from the time they arise.
Part payment of debt which has passed
the time of statutory limitation revives the
whole debt, and the claim holds good for
another period of three years from the date
of such partial payment.
verbal promise to pay, made without
conditions, is generally held as sufficient to
revive claim, otherwise shut out by the
law of limitation.
If debtor owe several debts, and pay !,
sum Of money to the creditor, he has the
which the payment shall apply, and the
creditor must so appropriate it.
If, when the debt is due, the debtor is
out of the State, the "three years )" do not
begin to run until he returns. II he after
ward leave the State, the time forward
counts the same as if he remained in the
State.
Except in the case of absence from the
State, the "three years begin when the
bill or account is due. In case of note on
demand, they count from the time of the
demand
The statute of limitation does not avoid
or cancel the debt, but only provides that
no action in law may be maintained after a
given time. The statute does not affect
collateral security.
An oral agreement must be proved by
evidence. A written agreement proves it
self. The law prefers written to oral evil
dence, because of it's precision.
No evidence may be introduced to contra
dict or cary written contract; but it may
be received in order to explain it when such
contract is in need of explanation.
Written instruments are to be construed
and interpreted by the law according to the
simple, customary and natural meaning of
the words used.