7. In A v. T, 19 Pick. Mass. 51, the parties enter into an agreement for valuable consideration wherein one is not again to engage in business as an iron founder. Held that notwithstanding the consideration the contract, being in total restraint of trade, is invalid as against public policy.

AIMBOLIAO

LORD MANSFIELD-WILLIAM MURRAY (1705-1793)

Lord Mansfield was educated at Westminster, Christ Church, Lincoln's Inn, and Oxford. In 1730 he was called to the bar. He took an active part in politics as well as in the law, was a leader in the House of Commons, and during this time there defended the prerogative of the king. In 1783 he was speaker of the House of Lords. Prior to that, in 1756, he was appointed to the position of Chief Justice of the King's Bench and created Baron Mansfield. He was made Earl of Mansfield in 1776. The great reputation of Lord Mansfield rests chiefly on his judicial career. He has always been recognized as the organizer of mercantile law which he found in a chaotic condition, leaving it in a condition equivalent to a code. He was pre-eminently one of England's greatest jurists.

1.

Promises of Executors and Administrators

2. Debt, Default, and Miscarriage

(a) Nature of Agreement

3. Agreements in Consideration of Marriage
4. Agreements for the Sale of Lands

5. Agreements not to be Performed Within One Year

6. Sale of Goods

(a) Effect of Non-Compliance

50. RECAPITULATION

51. QUESTIONS

52. DECISIONS BY THE COURTS

41. Introduction. In law every agreement, or contract, as it is usually called, must include something, capable of being reduced to money value, that passes from one party to the other. In the eye of the law, there must be in every agreement a benefit to the promisor or a detriment to the promisee. It is not necessary that the exchange of values should be equal, that being a matter of opinion between the parties themselves. The law does not attempt to enforce against a person a promise of a gift or any promise of a similar nature.

1. Definition. The consideration is the value attached to the thing to be done or left undone. This consideration is sufficient if it consist in "some right, interest, profit, or benefit accruing to one party, or some forbearance, detriment, loss, or responsibility given, suffered, or undertaken by the other." Again, the benefit need not necessarily pass to the party making the promise, but may pass to a third party. A offered to work for B for one month for $100.00, to which B agrees. The $100.00 is the consideration.

If A makes a promise to B for the benefit of C, which is accepted by B, C may have action to enforce the acquired rights.

42. General Rules. 1. Requirements: (1) Necessity of consideration when contract is not under seal. (2) Adequacy of consideration. (3) Legality of consideration. (4) Present or future, executed or executory, but not past.

2. Necessity. Every man is bound to fulfill his agreements, but the law does not lend its aid in enforcing a contract or agreement that is not founded on a consideration. It is one of the essential elements and is that which marks the difference between a gift and a contract. A gift is never presumed. A promises to B a certain valuable picture. B cannot enforce this promise as it is not founded on a consideration. The court would say that B has not parted with anything of value or been to any inconvenience. On the other hand, A promises to deliver the picture to B for $5 and B accepts. This is a contract. B may enforce this agreement upon making a tender of the money. Each has