The Universalist. [volume] (Chicago [Ill.]) 1884-1897, 1897-04-24
COMMERCIAL LAW.
Free Trial Lesson Given by Mail to
All Our Readers.
COPYRIGHTED sa ELDoN MORAN.

COPYRIGHTED B& ELDoN MORAN.
I happened in music house on Olive
street one morning last week when Mrs.
Thoughtless came to see about her
piano. 1t was an excellent $500 instru-
ment which she had bought three
months before. She purchased it on
the installment plan and had already
made three $40 payments. Her pension
had been granted in March and she felt
able to purchase piano for her daughter,
although Miss Felice had no taste what
ever for music.
She now decided to return the instru-
ment, and requested the polite dealer to
state what portion of the $50 already
paid he would refund
''But l fear our house will hardly wish
to buy back the piano at this time.''
''But certainly you do not expect me
to keep and pay for piano for which
have no use whatever My daughter is
now married, and does not care for music
anyway. And are you so ungenerous as
to ask me to pay $50 rent for only three
months use?''
The dealer explained that the piano
had not been rented, but sold; and that
it was now her property, and that the
deal which had been made was all fair
and square.
Mrs. Thoughtless, nevertheless, felt
that she was being dealt with unjustly
and imposed upon; she so expressed
herself
If all goods that are purchased may be
returned again, and all agreements can
celed at the option of either party if
binding contracts are to be no more,
then how much business will be trans
acted in the next twelve months? The
xyhoa1c Of tr.od 10 xunr111 cin1r1v RI
turn.
A lesson which, if it is not learned
early in life, will havea to be learned
later on and dearly paid for, is this:
That the thing you agree to do you
must in fact do, or be compelled, even if
you are the loser. 1t ought not to be
necessary to urge the importance of q
knowledge of Commercial Law The
confidence experienced by the business
man who possesses such knowledge, and
the doubts and dangers that constantly
beset those who are not thus fortified.
are well understood.
This lesson treats briefly of contracts.
Almost every business transaction is
contract If you buy, or sell, or hire, or
loan, or rent, or agree to do something
in the future-each of these is a con-
tract. A contract may in form be writ
ten, printed or only verbal A contract
may also be implied. If, for instance,
you order a coat made you will be
required to pay for it, although no
agreement was had as to the price. In
order to make a contract both parties
must be competent; that is, of legal age
and in their right mind. Both must
consent. There must be lawful con-
sideration, and the thing contracted to
be done must be allowable by law. An
idiot, lunatic, drunken person or child
cannot make a contract. The consent
must also be voluntary and not cOmpul-
sorry.
contract made by person under
age is not necessarily void, but the
minor, upon attaining his majority,
may rescind or disaffirm such contract.
Damages are allowed by law to the
party who suffers when contract is
broken.
A few problems involving contract
law are here stated, and the readers
solution and opinion are asked.
/. A trainman is employed by rail-
road company for month. After two
weeks he is paid off and discharged. He
had become intoxicated, but had not
neglected his duty Ought he to receive
damages?
2. A boy buys $500 horse and pays
half. Before the balance falls due he
comes of age and rescinds the contract.
Can he be compelled to pay the remain
ing 500? Or will the original owner
be compelled to refund the 500 already
paid? Who gets the horse? Or sup
pose further that the horse had died
before the purchaser came of age;
whose would be the loss?
3. A fisherman ties his boat to a
farmers tree by permission, using a hay
rope for the purpose. The farmers OK
steps into the boat, eats the hay rope,
and the boat drifts away. Both OK and
boat are lost. Can the farmer recover
damages for the loss of his OK? Can
the fisherman recover damages for the
loss of his boat?
4. A corner lot is sold to a minor for
$500 Four years later its value has
increased ten-fold. The original owner
asks the court to cancel the sale on the
ground that minor, having no lawful
right to make a contract, could not
make a legal purchase. Can he recover
possession?
5. A man of twenty-five and girl of
seventeen agree to marry. Is the young
lady bound by her contract? Could she
claim damages for breach of promise if
the man fails to fulfill his agreement,
but marries another lady instead?
The reader is requested to write as
correct answers as he is able to these
questions and mail his paper for exam
nation. The answers and opinions will
be reviewed by competent law pro-
fessor, and returned promptly. Enclose
stamp for reply, and give information as
to your age, occupation, to what extent
you have studied Commercial Law and
whether you wish to pursue course in
this branch?
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