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
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