Business Laws In Daily Use

If a note is lost or stolen it does not 1 release the maker ; he must pay it ii 1 the consideration for which it was s given and the amount can be proven. Notes bear interest only when so ' stated. Principáis are responsible for the acts ; ■f their agents. Each individual in a partnership is responsible for the whole amount of the debts of the firm, except in cases of a special partnership. Ignorance of the law excuses no one. An agreement without conaideration 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 make with a lunatic is void. A noto obtained by fraud or from a persoti in a state of intoxication oannot be collected. It is a fraud to eonceal a fraud. Signatures made with a lead pencil are good in law. The acts of one partner binds the ïest. "Value received" is usually written iii a note, and should le, but it is not, necessary. I f not written it is presumed by tb law or may be supplied by proef. The maker at aa "acconimodation" bilí oí note (one for which he liad received no consideration), having lent his name or credit f or the benefit of the holder, is not bound to all other parties, preeisely as if there was a good consideration. No consideration is suffleient, in law if it be illegal in its nature. Ohecks or drafts must be presented for payment without unFeasonable delay. Au indorsee has a right of action against all whose names were on the bilí wheE he received it. If the letter containing a protest of non-payment be put into the postoffice, any miscarriage does not affect the pargiving notice. Notes of protest may be sent either to the place of business or residence of the party notifled. The holder of a note may give notice of protest either to all the previous indorsers, or only to one of thern ; in case of the lalter, he must select the last indorser, and the last must give notice to the last before him, and so on. Each endorser must send notice the same day or the day following. Neither Sunday nor legal holiday is to be counted in reckoning the time in which notice is to be given. If two or more persons as parties are oiutly liable on a note or bilí, due netice to one of thein ia sufficient. An indorser may prevent his own liability to be sued by writing "without recourse" or similar words. Part payment of debt which has paased the time of statutory liquidation revives the whole debt, and the claim holds good for another period f rom the date of such partial payment. ] f when a debt is due the debtor is out of the state the limitation does not begin to run until he returns. If he af terward leaves the state the time forward counts the same as if he remained in the state.