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Business Law

Business Law image
Parent Issue
Day
27
Month
November
Year
1874
Copyright
Public Domain
OCR Text

The folio wing brief compilation of business law is 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 a note " for valué received." Contracts made on Sunday cannot be enforced. A note by a minor is void. A contract mado with a minor is also void. A contract made with a lunatic is also void. A note obtained by fraud, or from a person in a state of intoxication, canuot be collected. If a note is lost or stolen, it does not release the maker ; he must pay it, if the consideration for which it was given, and the amount, can be proven. An indorser of a note is exempt frcm liability if not served with notice of dishonor withiu tweuty-four hours of its non-payment. Notes bear interest only when it, is so etated. Principáis are responsible for the acts of their agenta. Each individual in a partnership is responsible for the whole amount of debts oí thefirm. The law compels no one to do ioipossibilities. 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

Article

Subjects
Old News
Michigan Argus