Situated as we are, with no powerful rivals near us, with the ocean between us and the countries of Europe, the common defense requires no great standing army to eat up our substance and to menace our liberties.  Living in the north temperate zone, the belt of highest civilization, in a country capable of producing almost everything desirable, there is every reason to believe that, if we are true to ourselves and our opportunities, we may long enjoy prosperity and peace.

Debate.

Resolved, That universal suffrage is dangerous to the well being of society.

PART V.

COMMERCIAL LAW.

RESPONSIBILITY.

Ignorance of the law is no excuse.

At first sight this would seem unjust, since no one but a lawyer can be expected to have much legal knowledge.  But as law is simply common sense applied, the exercise of ordinary judgment is usually sufficient to enable a person to act safely.

To present a few of the more common principles of commercial law, is the purpose of the following pages.

CHAPTER XXXI.

CONTRACTS.

Definitions.—­A contract is an agreement between two or more parties, containing on the one hand an offer and on the other an acceptance.

Contracts are express or implied.  An express contract is one whose terms are definitely stated in words; an implied contract is one whose terms are understood from the circumstances.  A written contract is express; an oral contract may be express or implied.

Fundamental Principles.—­Every one able to contract is free to enter into any agreement not forbidden by law.  Every such person is bound to fulfill every legal contract that he makes.

Essential to a Contract.—­To be binding, however: 

1.  A contract must be to do a lawful act.

Most contracts are permitted by law.  But a contract the carrying out of which is recognized as subversive of justice, morality, or the general welfare, is illegal, and therefore void.

2.  The thing contracted to be done must be possible in its nature.

That a person finds it impossible under the circumstances to live up to his contract should not and does not release him from responsibility.

3.  The parties to the agreement must be competent to contract.

Persons not able to contract are minors, lunatics, idiots and drunk people, and married women (except in some states in relation to their separate estates).  The purpose of this arrangement is to protect those who cannot protect themselves.  A minor may, however, enforce a contract if he chooses to do so.  A contract with a minor for the necessaries of life, when they are not or cannot be furnished by a parent or guardian, is valid.  And any contract ratified by a minor after coming of age is binding upon him.  A person unable to contract personally cannot contract through an agent.  But he may act as an agent.