Juniata sentinel and Republican. [volume] (Mifflintown, Juniata County, Pa.) 1873-1955, 1885-03-18
some Points In Business Law.

TIA note, is lost OF stolen, il does not
release the maker; he must pay IT. ii
the consideration for which it was
given and the amount can be proven.
Principals are responsible for the acts
of their agents.
Each individual in a partnership is
responsible for the whole amount of the
debts of the firm, excePtin cases of spe-
cial partnership.
An agreement without consideration
is void.
A note made ON Sunday is void.
Contracts made on Sunday cannot be
enforced.
A note by minor is void.
\ contract made with a minor is
void.
\ note obtained by fraud, or from a
person in a state of intoXicatiOn, cannot
be collected.
A receipt for money is not always
conclusive.
The acts of one partner bind all the
rest.
The maker of an accommodation"
bill or note Zone for which he has re-
ceived no consideration, having lent his
name or credit for the accommodation
of the holder) is not bound to the per-
son accommodated, but is bound TO all
other parties precisely as if there was a
good consideration.
Checks or drafts must be presented
for payment without unnecessary delay.
If the drawee of check or draft 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 following.
A note indOTsed in blank 1.-THE name
of the endOrser only written) is trans
ferable by delivery, the same as If made
payable to bearer.
If the time of payment of a note is not
inserted, it is held payable on demand.
An indOrsee has right of action
against all whose .nameS were on the
bill when he received 1t.
If the letter containing a protest of
on-payment be put INTO the pOst-offiee,
any miscarriage does not affect the
party giving notice.
If two or more persons as partners
are jointly liable on note or bill, due
notice to one of them is sufficient.
If a note or bill is transferred as Sc
curity, or even as payment of preexiS-
ting debt, the debt, reviveS if the bill
or note be dishOnored.
All claims which do not rest upon a
seal or judgment must be sued within
six years from the time when they
arse.
Part payment of a debt which has
passed the time of statutory limitation
revives the whole debt, and the claim
holds good for another period of six
years from the date of such partial pay
nent.
If, when a debt is due, the debtor is
out of the State, the ''six years" do not
begin TO run until he returns. If he af-
terward leave the State. the time for
ward counts the same as if he remained
in the State.
An oral agreement must be proved
by evidence. A written agreement
proves itself. The law prefers written
to oral evidence. because of its preci-
sion.
Ignorance of the law excuses no one.
The law compels no one to do impOS-
sibilities.
A contract made with a lunatic is
void.
1t Is fraud to conceal fraud.
Signatures made with a lead pencil
are good in law.
"Value received" is usually written
In note, and should be, but 1t is not
necessa- y. If not written, it is pre-
.umed by the law or may be supplied
by proof.
No consideration is sufficient in law
bs ill ega in its nature,