In none of these cases could B compel A to pay him any money, because the contract between them lacks consideration.  But A would be responsible to an innocent purchaser, because there is nothing on the face of the paper to indicate the defect.  And he would be responsible even to a purchaser who knows the paper to be accommodation, because by signing he binds himself to pay if B does not, and his signature is what enables the sale to be made.

Certified Checks.—­Business men make most of their payments by check.  If the receiver of a check does not, for any reason, wish the money, he may deposit the check in the bank as if it were cash.  If he is going away from home, or if he wishes to make a payment in some other place, he may save the expense of a draft, and make a check equally as acceptable, by getting the cashier of the bank to “certify” it, that is to state officially that the drawer has the money in the bank.  This he does by writing across the face of the draft the word “Good,” with his signature as cashier.  When this is done the responsibility rests primarily on the bank.  It occupies the position of the acceptor of a draft.

Pertinent Questions.

Two of the following are valid notes; which two?  The others are not; Why? 1.  March 5, 1890, I promise to pay John Smith one hundred dollars, if he is then living.—­William Jones. 2.  On or before March 5, 1890, I promise to pay John Smith one hundred bushels of wheat.—­William Jones. 3.  On March 5, 1890, I promise to pay John Smith whatever is then due him.—­ William Jones. 4.  When he comes of age, I promise to pay John Smith one hundred dollars.—­William Jones. 5.  March 5, 1890, I promise to pay one hundred dollars.—­William Jones. 6.  One year after date, I promise to pay to John Smith one hundred dollars.—­William Jones. 7.  Mankato, Minn., December 11, 1888.  One year after date I promise to pay John Smith one hundred dollars. 8.  On the death of his father, I promise to pay John Smith one hundred dollars.—­William Jones. 9.  On March 5, 1890, I, William Jones, promise to pay John Smith one hundred dollars.

How many parties may there be to a note?  How many, at least, must there be?  As between them, must there be consideration to make it binding?  Must the words “for value received” appear on the note?  A note being a contract, what things are necessary to make it binding?  Write two valid notes in different forms.  Write a negotiable note transferable without indorsement.  A note transferable by indorsement.  Which is safer to carry in the pocket?  Why?  Which imposes the less responsibility if transferred?  If you were taking a note payable to bearer, would you require the person from whom you were getting it to indorse it?  A man has some non-negotiable notes; if he dies can his heir collect them?  A note payable “to order” is indorsed in blank; to whom is it payable?  May a note payable “to bearer” be made payable only “to order?” When does a note cease to be negotiable?  Under what circumstances may a person have to pay a note which he has already paid?  What is a “greenback?”