The Penn's Grove record., 1885-03-14
some POINTS in Business Law.

If a note Is lost or stolen, it does not
release the maker; he must pay 1t, if
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 a minor is void.
A contract made with a minor is
void.
A 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 tone for which he has re-
ceiyed 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 a check or draft has
changed his residence, the holder must
use due or reasonable diligence to find
him.
If one who holds a 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 indorsed in blank (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 anote is not
| inserted, it is held payable on demand.
An indorSee has a 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-offce,
any miscarriage does not affect the
party giving notice.
If two or more persons as partners
are Jointly liable on a 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, Teviyes 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
arise.
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
ment. O.
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 10 one to do impos-
slbilities.
A contract made with a lunatic is
void.
Itls a fraud to conceal a fraud.
Signatures made with a lead pencil
are good in law.
"Value received" is usually written
In a note, and should be, but 1t is not
~necessa y. If not written, it is pre-
sumed by the law or may be supplied
by proof.
No consideration is sufficient in law
bs IN egAl in its nature,