If it is desired to make the order a continuing one, insert after the word "due," the words, "or to become due."

6. Power oF ATTORNEY TO SELL OR LEASE LANDS.

and in my name, to sell and convey to any person or persons,

and bounded and described as follows, to wit:* [Here insert the boundaries, or, if in a city, the number and street, or other description], and for me and in my name, to make out, execute, acknowledge and deliver, proper deeds of conveyance of the same, with or without covenants of seizin, freedom from encumbrance, and warranty; and I hereby ratify and confirm all acts lawfully done for me in the premises.

Witness my hand and seal, this day of
Executed in presence of

(2 witnesses in most of the States).

(To be acknowledged).

A. D. 18. A. B. [L. S.]

7. WARRANTY DEED EXECUTED BY ATTORNEY.

Know all men by these presents, That I, A. B., of

ceipt whereof is hereby acknowledged, do hereby grant, sell and convey to the said C. D., and his heirs and assigns, a parcel of land situated in

bounded and described as descriptions, and boundaries],

follows, viz.: [Here insert with all the privileges and appurtenances thereto belonging. (1).

To have and to hold the said premises [subject as aforesaid], to the said C. D., and his heirs and assigns, to his and their use and behoof forever. [Here insert such cove

*If the land is to be leased, say ("and until the sale, to execute leases of said estate, in the whole or in parts thereof, and receive rents therefor, and receipt for the same in my name.")

nants (if any) as the grantor desires to enter into; carefully noting all exceptions and reservations, as in the form of Warranty Deed at the close of the chapter on "Conveyance of Real Estate"].

At the close of the covenants, or if no covenants are inserted, after the word "forever," say:

In witness whereof, the said A. B., grantor, has hereto set his hand and seal, this day of

A. D. 18 by C. D., his attorney, duly thereto authorized by letter of attorney recorded herewith.

Signed, sealed and delivered

in presence of

(2 witnesses in most of the States).

A. B. [L. S.]

By C. D., his Att'y.

For acknowledgement, see post,-General form of Deed,— inserting, however, instead of "personally appeared," &c., the words, "Then A. B., the above named grantor, appeared by C. D., his attorney, and acknowledged the above instrument to be the said A. B's free act and deed," &c.

(1). Here insert any exceptions or reservations as suggested in general form of Warranty Deed."

If the grantor is married, his wife has, in some States, rights of dower in all lands of which the husband is possessed at any time during their joint lives, and also, in some States, rights of homestead in an estate occupied as a homestead. In such States, releases should be made by the wife, by a clause inserted in the witnessing clause, thus:

"In witness whereof, the said A. B., grantor," &c., and after "herewith" insert, and E. F., wife of said A. B., also hereto sets her hand and seal, in token of her grant and release to said C. D., of all rights of dower and homestead in said estate.

8.

REVOCATION OF A POWER OF ATTORNEY.

Whereas I, A. B., of

ney, dated the C. D., of

day of

, my attorney, for me and in my name to

[here insert the business to be done, in the language of the

letter of attorney], as by said letter of attorney will appear: now know all persons, that I, the said A. B., do hereby revoke and annul the said letter of attorney and all power thereby given to the said C. D. In witness whereof I hereto set my hand [if the letter of attorney was sealed, add the words "and seal"].

Executed in the presence of

A. B. [L. S.]

CHAPTER V.

AGREEMENT OR CONTRACT.

SECTION 1.-General Outlines and Principles.

Nearly all the business transactions of life have some relation to contracts.

A large proportion of the wealth of every man consists in contracts.

Our present currency, including that which may legally be tendered in payment of debts,-is chiefly made up of bank notes and government promises to pay.

The general outlines and foundation principles of the law of contracts should, therefore, be in the mind of every man who undertakes to do business for himself or others.

There are various definitions of a contract, and from a large number I have selected one given by the late Chief Justice Marshall, as sufficiently accurate for our purposes. He says, "A contract is an agreement, in which a party undertakes to do or not to do a particular thing."

To make it valid and binding in law, three things are requisite :

1. It must be made upon sufficient consideration.

2. The parties must be competent to contract, and

3. The subject-matter of the contract must be of such a nature that the law will protect and enforce it: i. e., it must not be immoral, impolitic, fraudulent or illegal.

The remedy, which one party has in case of non-performance by the other party, is two-fold:

1. By a suit at law, he may in all cases recover damages. 2. By a suit in chancery he may, in some cases, compel the party specifically to perform his agreement.

SECTION 2.

Of the Consideration.

The first element, which distinguishes a contract, in legal contemplation, from a mere naked promise, is sufficient consideration.

What is a sufficient consideration is sometimes a question of some difficulty; and here we must be careful not to confound a consideration with an equivalent. The law does not require that a consideration shall be equal in value to the service or article contracted for, nor does it require that it shall accrue to, or benefit the contractor. It is sufficient, in a contract between you and me, that something be done or suffered on your part, as the basis or consideration of my promise or undertaking.

The idea is somewhat common that this something, to be done or suffered, should be such, that by it I gain or you lose pecuniarily, as work done, goods sold, money paid, &c.,— but sometimes a moral obligation is sufficient; for example, if one contract a debt in infancy,—i. e., before he is twentyone years old, he is not legally bound to pay it, unless it be for necessaries suitable to his degree in life, but if, after he comes to manhood, he without new consideration promise to pay the debt, the moral obligation under which he rested is deemed sufficient to support the promise.

To illustrate the suggestion that the consideration need not be beneficial to the party contracting: suppose the members of a literary society should request "A" to deliver a course of lectures to them. "A" promises to do so, without requiring anything in payment or consideration therefor. If this is all, "A" is under only a moral obligation to perform; but the law does not, in this instance, enforce a mere moral obligation; the difference between this and the case before mentioned of the contract during infancy, ratified after majority is attained, being, that in the one case a real and valuable consideration once passed from the promisee: in the other case, “A” receives nothing, and the society do nothing, and promise nothing.