The times., 1898-01-02
BUSINESS LAWS.

The following compilation of busi-
ness law contains the essence of large
amount OF legal verbiage:
If note is lost or stolen 1T does not
release the maker; he must pay it, if
the consideration for which it was
given and the amount ran be proven.
Notes bear interest only when so
stated. except for the time they may be
allowed to run after maturity.
Principals are responsible for the acts
of their gents.
Each individual in a partnership is
responsible for the whole amount Of
the debts Of the firm, except in cases of
special partnership.
Ignorance of the law excuses no one.
The law compels no one TO do impos-
SibilitieS.
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 voidable. A
contract made with a minor is void.
A contract made with lunatic is
void
A note obtained by fraud, or from
a person in a state of intoxication, cam
not be collected.
Ii is fraud to conceal a fraud.
Signatures made with a lead pencil
are good in law.
A receipt for money s.fnot always
conclusive.
Value received" is usually written
in q note, and should be- but is not
necessary. If not written, it is pre-
sumed by law, or may be supplied by
proof
The maker of an accommodation"
bill or note Zone for which he has re-
ceived no consideration of the helder)
is not bound to the person accommo-
dated, but is bound to all other parties
precisely as il there was q good con-
sideration.
No consideration is sufficient in law
IL ii be illegal in its nature.
Checks or drafts must be presented
for payment without unreasonable
delay.
Checks or drafts should be presented
during business hours; but in this
country, except in the case of banks.
the time extends through the day and
evening.
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 a check. as payee
or otherwise. transfers tito another he
has q right to insist that the check be
presented that day, or, at farthest, on
the following day.
a note indorsed in blank (the name
of the indorser only written) is trans
ferable by delivery, the same as If
made payable to bearer.
If time of payment of note is not
named. 1t is payable on demand.
The time of payment of note must
not depend upon d contingency. The
promise must be absolute.
A bill may be written upon any kind
of paper, either with ink or pencil.
The payee Should be named in the
note, unless It is payable to bearer.
An indorsee has a right of action
against all whose names We're on the
bill when he received it. y
If a letter containing a protest of
non-payment be put into the post
office, and miscarries, IT does not affect
the party giving notice. Notice of pro-
test may be sent either to the place OF
business or of residence of the party
notified.
The holder of a note may give notice
of protest either TO all the previous in
| dorsers or only to one of them; in case
of the latter he must select the last
indorser, and the last must give notice
| to the last before him. and so on. Each
indorser must send notice the same day
or the following. Neither Sunday mol
any legal holiday is counted in reckon
! ing time in which notice is to be given
The loss of a note is not sufficient
excuse for not giving notice of protest
If two or more persons, as partners
are jointly liable on q note or bill, due
notice TO one of them is sufficient.
If note or bill is transferred as Sc
curity, or even as payment of a pre-
( existing debt, the debt survives if the
( note or bin be dishonored.
An Endorsement may be written on
! the face or back.