Business Law

The following brief compilation of business law ia worth a careful preservation, as it contains the essence of a very large amount of legal verbiage : It is not legally necessary to say on u note " for value received." Contraets made on Sunday cannot be enforced. A note by a minor is void. A contract made with a minor is also void. A contract made with a lunatic íb also void. A note obtained by fraud, or from a person in a state of in toxica tion, caniiot be collected. If a note is lost or stolen, it does not release the maker ; he must pay it, if the consideration for whieh it was given, and the amount, can be proven. An indorser of a note ia exempt from liability if not served with notice of dishonor within tweuty-four hours of its non-payment. Notes bear interest only when it is so stated. Principáis are responsible for the acts of their agent. Each individual in a partnership is responsible for the whole amount of debts of the firm. The law compela no one to do impossibilities. An agreement without consideration is void. Signatures made with a lead pencil are good in law. The acts of one partner bind all the rest