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COMMERCIAL LAW

BY

JAMES CALVIN REED, B.L., LL.B.
Director State Normas Commercial School

Whitewater, Wisconsin
Member of the Kansas City Bar

H. M. ROWE COMPANY

HARLEM SQUARE
BALTIMORE, MD.

M. F. Poorman

10-26-1922

Copyright 1917

BY
THE H. M. Rowe Co.

BALTIMORE, MD.

PREFACE

These cases have been prepared for the use of students of commercial law and teachers of the subject. There is much to commend the judicious use of cases in teaching commercial law. It brings the students in contact with actual business affairs and the real problems of the law. Such a study not only fixes the principles of law in the mind, but it has a cultural, broadening influence which is of inestimable value. It also enlivens the subject, makes it real, and gives an added interest and enthusiasm to the work.

In recognition of the importance of contracts as the foundation of all commerical law, relatively more cases have been chosen on that subject. Other cases have been selected in accordance with the importance of the various subdivisions. There are relatively few cases in negotiable instruments. The decisions in this branch of the law are so conflicting that it is difficult to get a good line of decisions which would apply to all of the states. Most states have enacted the Uniform Negotiable Instruments Law, and this should form the basis of the work in this subject. If this statute is well considered, it will not be necessary to supplement it with many cases.

Real Estate law, though important, is hardly a part of commercial law. It is too technical to be presented satisfactorily in a beginning

Very few cases have been chosen on the subject, as any extensive treatment should be deferred until the student has mastered the elementary principles.

An effort has been made to cover the entire field of law as presented in an elementary course. It is intended for use in High Schools, Colleges, Universities, and in all commercial schools where a beginning course in law is given.

A great number of teachers have expressed a desire for such a text and it is in response to this demand that the work has been prepared.

It is hoped that the book may prove beneficial to many teachers of the subject, and that its use may add a new stimulus to this very essential branch oi commercial education. Whitewater, Wisconsin

J. C. R. 1917

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TABLE OF CONTENTS

CONTRACTS

PAGE

All Agreements Do Not Constitute Contracts.

1

What Constitutes a Seal?.....

2

Contract Must Be Based on Agreement.

4

Offer Must Be Accepted..

9

Mistake as to the Person With Whom the Contract is Made..

10

Mutual Mistake Prevents the Formation of a Contract..

13

Effect of Uncertainty in Terms of Contract....

14

Where it is an Officer's Duty to Make an Arrest, He is not Entitled to Extra

Compensation....

18

Where it is not the Duty of an Officer to Perform an Act, He is Entitled to a

Reward Offered Generally to Anyone Who Would Do it.

21

Distinction Between a Business Circular and an Offer to Sell.

24

Where a Buyer has Accepted Property Before, He must Communicate His

Refusal to Accept a Shipment...

27

Effect of Ignorance of Offered Act..

30

Implied Promise From Conduct of Parties..

31

Necessity of the Communication of an Acceptance.

33

Must the Revocation be Communicated?..

36

Reasonable Time in Accepting Offer...

40

Unaccepted Offer May Be Withdrawn.

46

An Agreement to keep an Offer open for a Certain Length of Time Requires a

Consideration...

48

Offer Creates No Legal Rights Until Acceptance, But May Lapse or be Re-

voked....

53

An Offer Once Refused Cannot Be Subsequently Accepted Without the Consent

of the Party Making the Offer.....

55

Withdrawal of an Offer by Letter is not Effective Until Received...

57

Time Within Which an Offer Made by an Advertisement Must be Accepted.. 60

An Infant's Contract is Voidable and not Void....

64

What Constitutes a Necessity Will Depend Upon the Infant's Station in Life... 66

Defense of Infancy is a Personal Privilege.

67

What are Necessaries?.....

70

A Minor's Contract for Necessaries is Voidable Before Such Necessaries are

Actually Supplied Him.

72

Dental Work is a Necessary.

73

Liability of Minor as Lessee.

74

An Infant May Disaffirm a Promise of Marriage

76

An Infant is Liable for Necessaries for His Family.

77

An Infant is Liable for a Tort Committed in Violation of His Contract.

78

Effect of Insanity on a Contract...

79

Definition of Consideration....

81

Blood or Natural Affection is not a Sufficient Consideration to Support an Execu-

tory Contract..

84

V

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