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Requirements for an Enforceable Contract
Friday, February 7, 2014 15:05
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Requirements for an Enforceable Contract
1. Offer – to loan
2. Acceptance – of offer to loan
3. Mutual Consideration-on offeror…and offeree
4. Mutual Intention-on offeror…and offeree
5. Capacity – over age eighteen…of sound mind
6. Legal Object – free of fraud
7. In Writing if Required
8. Privity – the relation privies…obsolete..privacy
Promissory Note - Note - There are two principal qualities essential to the validity of a note; first, that it be payable at all events, not dependent on any contingency; nor payable out of any particular fund. And, secondly, it is required that it be for the payment of money only; and not in bank notes, though it has been held differently in the state of New York. A promissory note payable to order or bearer passes by indorsement. A Law Dictionary Adapted To The Constitution And Laws Of The United States Of America And Of The Several States Of The American Union by: John Bouvier Revised Sixth Edition, 1856
To convey a title the seller must himself have a title to the property, which is the subject of the transfer. But to this general rule there are exceptions. 1. The lawful coin of the United States will pass the property along with the possession. 2. A negotiable instrument endorsed in blank is transferable by any person holding it, so as by its delivery to give a good title “to any person honestly acquiring it.” 3 B. & C. 47; 3 Burr. 1516; 5 T. R. 683; 7 Bing. 284; 7 Taunt. 265, 278; 13 East, 509; Bouv. Inst. Index, h.t. A Law Dictionary Adapted To The Constitution And Laws Of The United States Of America And Of The Several States Of The American Union by: John Bouvier Revised Sixth Edition, 1856
Promissory Note – Note – Mortgage – Maritime Lien
Source: http://nesaranews.blogspot.com/2014/02/requirements-for-enforceable-contract.html
