Lapas attēli
PDF
ePub

§ 178. Of Contracts of Bailment.

A contract of bailment is a contract by which the possession of some specific existing chattel is transferred from one person to another in trust, in consideration that the trust shall be duly executed, and that the chattel itself shall be restored to the owner by the bailee, as soon as the purposes of the bailment shall be fulfilled. This contract is of five kinds: (1) Depositum, a bailment of a chattel to be kept for the bailor and returned upon demand without a recompense; (2) Mandatum, a bailment of a chattel to one who undertakes, without recompense, to do some act for the bailor in respect to the thing bailed; (3) Commodatum, a bailment of a chattel, for a certain time, to be used by the bailee without paying for its use; (4) Pignus, a bailment of a chattel by a debtor to his creditor to be kept by the creditor till the debt be discharged; (5) Locatio, a bailment of a chattel to one who is to enjoy the temporary use thereof and pay, for such use, a reasonable compensation to the bailor, or who is to expend labor or services thereon and receive, for such labor or services, a reasonable compensation from the bailor.

Read 2 Bl. Comm., pp. 451-453.
Will. P. P., pp. 24-26.

2 Kent Comm., Lect. xl.

2 Pars. Cont., B. iii, Ch. xi.

§ 179. Of Contracts of Agency.

A contract of agency is a contract by which one person appoints another to act for him in the transaction of some business, and by which that other undertakes to transact such business properly, and to render an account thereof. Agents are of two kinds : general agents, who are appointed to do all the business of the principal of a particular kind or at a particular place, and whose acts bind the princi

pal as long as they are within the general scope of his authority, even though they are contrary to his private instructions; and special agents, who are appointed for a particular purpose and under a limited power, and whose acts do not bind the principal when they exceed that power. The contract of agency may arise from an express agreement, or it may be implied from the conduct of the parties.

Read 2 Kent Comm., Lect. xli.

1 Pars. Cont., B. i, Ch. iii.

§ 180. Of Contracts of Partnership.

A contract of partnership is a contract by which two or more persons unite their property or labor in some lawful business, and agree to divide the profits, or bear the loss, in certain proportions. By this contract each partner acquires an interest in all the partnership property, becomes responsible for the partnership engagements, and is empowered, in transactions relating to the partnership, to bind by his acts the other partners as well as himself. Read 3 Kent Comm., Lect. xliii.

1 Pars. Cont., B. i, Ch. xii.
Walker Am. Law, §§ 95-100.

§ 181. Of Contracts of Insurance.

A contract of insurance is a contract by which one person, in consideration of a stipulated premium paid to him by another, undertakes to indemnify that other against certain injuries to his property, or to pay to him, or his legal representatives, a certain sum of money upon the occurrence of some specified event. Fire and marine insurance are contracts to indemnify the assured against loss or damage to his property from fire, or from the perils and dangers of the sea. Life and accident insurance are contracts to pay cer

tain sums of money, upon the death or accidental injury of some particular person. Besides these, there are other forms of contract, resulting in the existence of annuities or endowments, which are usually classed under the general name of insurance.

Read Will. P. P., pp. 133–136.

3 Kent Comm., Lect. xlviii, 1.

2 Pars. Cont., B. iii, Ch. xvii, xviii, xix.

66

§ 182. Of Contracts of Indorsement. Bills and Notes. A contract of indorsement is a contract by which the holder of a negotiable bill or note agrees with another person, to whom, at the same time, he transfers the right to the sum of money named in such bill or note, that he will himself pay that sum to such person or his assigns, in case the prior parties to the bill or note fail to pay it when it becomes due. A bill of exchange and a promissory note are both, in effect, written promises to pay a definite sum of money after a definite period of time. Such a bill or note is negotiable when made payable "to bearer," or to order;" in the former case, the rights arising under it being transferred by mere delivery of the instrument itself, in the latter, by its indorsement and delivery. Indorsement consists in the writing, by the holder, of his name across the back of the bill or note; and from this, when followed by delivery, the law implies (unless the contrary appears in writing in connection with the indorsement) an agreement, on his part, with all subsequent bona fide holders of the bill or note, that it shall be paid at maturity, provided the requisite demand be made, and notices given, by the person who shall then be the holder thereof. Read 2 Bl. Comm., pp. 466-470.

Will. P. P., pp. 72-75.

3 Kent Comm., Lect. xliv, pp. 71-121.
1 Pars. Cont., B. i, Ch. xvi.

§ 183. Of Contracts of Guaranty and Suretyship.

A contract of guaranty or suretyship is a contract by which one person agrees with another to pay a debt, or discharge an obligation, due from some third person to that other, in case such third person shall fail to pay or discharge the same. This contract somewhat resembles that of indorsement, but it is not restricted, like that, to negotiable paper, nor are the rights and liabilities of the parties thereto, in all respects, the same.

Read Will. P. P., pp. 98-100.

3 Kent Comm., Lect. xliv, pp. 121-124.

2 Pars. Cont., B. iii, Ch. vii.

§ 184. Of Collateral Contracts. Debt. Warranty. In addition to these contracts, by which an estate in personal property may be originally acquired, there are others, collateral to or resulting from these, by which additional, though not independent, rights may be obtained. Such is the contract of warranty, by which the vendor of chattels agrees with the vendee that the chattels sold are of a given quality and quantity, and which is collateral to the contract of sale. Such also is the contract of debt, by which one person agrees to pay to another a certain sum of money; and which results from a contract of sale where the price is not immediately paid, or from a contract of bailment whereby compensation becomes due to either party, or from any other contract, the fulfilment of which, on one side, creates an obligation, on the other, to pay a definite sum of money.

Read 2 Bl. Comm., pp. 451, 464–466.

3 Bl. Comm., p. 165.

Will. P. P., pp. 293, 294.

2 Kent Comm., Lect. xxxix, pp. 478–481.
1 Pars. Cont., B. iii, Ch. v.

CHAPTER XIII.

OF THE RIGHTS ARISING FROM THE RELATION OF HUSBAND AND WIFE.

§ 185. Of the Contract of Marriage.

The relation of busband and wife is created by marriage. In the eye of the law marriage is a civil contract, and, like any other contract, it requires parties able to contract, a sufficient consideration, a subject-matter to be contracted for, and an actual contracting.

Read 1 Bl. Comm., p. 433.

Reeve Dom. Rel., pp. 195, 196.

Schouler Dom. Rel., pp. 22-25.

1 Bish. Mar. and Div., B. i, Ch. i.

§ 186. Of the Parties, Consideration, and Subject-Matter of the Contract of Marriage.

Any person may contract in marriage who is not debarred therefrom by law. Persons so debarred are of four classes: (1) Those under age; i. e. males under fourteen and females under twelve; (2) Those who have another lawful husband or wife living; (3) Those within certain degrees of relationship; i. e. all related lineally, and all related collaterally within the third degree; (4) Those who are not of sound mind. The mutual promises of the parties are the consideration of the contract of marriage. The subject-matter of the contract is the rela

« iepriekšējāTurpināt »