OCR Text |
Show POPULAR TALKS ON LAW. CONTRACTS. What Makes a Contract? There are two elements that aro always al-ways present In a contract, namely an offer and an acceptance. If either Is lacking there Is no contract. Not every offer and acceptance makes a contract for a breach of which an action ac-tion will Ho In tho courts. If, for Instance, In-stance, I offer to entertain you at luncheon lun-cheon and I fall to appear at' tho time, there is an offer and an acceptance p but no breach of contract. Therefore, wo should understand that the offer, in order to lead up to a contract, must bo an offer of a contract, that is, somo- J,( thing intended to change tho legal re- (lations of tho parties; so, an offer made in jest, if so understood, can not lead un to a contract. As to how tho offer must bo made no rules can be laid down. It may bo made orally or in tho form of writing, by signs, by advertisement, and by any number of other ways. A mere wink of tho eye or a nod of the head, as in the case of bidding at an auction, may constituto an offer to buy. Acceptance too may bo made In any one of many ways, there being no formality ro quired, unless In tho caso of a few classes of contracts where tho statute has provided that a writing shall ap pear stating the terms. Of these kinds of contracts wo shall speak later. In order to make a contract, tho offer I must bo accepted In the terms of tho offer. If there Is any variation between I tho offer and tho acceptance or anj- ! conditions attending tho acceptance, a contract is not made. Contracts ifi mnde by correspondence aro peculiarly peculiar-ly subject to fault In this particular. If tho correspondence does not show that tho minds of tho two parties havo met upon Identically tho samo proposition pro-position no contract can bo implied. Offers aro frequently mado to bo accepted within a certain time or at a certain place, or In a cortain manner. man-ner. Tho acceptor in order to bind tho ono making tho offer must accept in tho terms of tho offer to form a binding bind-ing contract. Difficulty sometimes arises in cases wehro tho tlmo wherein which an offer of-fer may bo accepted is not stated. It may be Bald generally that an offer may bo accepted while It continues open; op-en; but, whero there is no definite tlmo within which acceptanco must bo mado, how long has the offeree within which to accopt? Tho rule of law ib that an offer, onco made, is presumed to continue for a reasonable tlmo unless un-less It is sooner withdrawn. What is a reasonable timo depends upon tho circumstances of the case. It is a matter for a jury to decide in a caso before it as to whether tho acceptance was mado within a rcasonablo timo. Of course, an offer, oven although made for a definite time, may bo withdrawn with-drawn at any tlmo. This is not true, of course, if tho person to whom tho offer has been mado has paid or has agreed to pay something to havo the offer left open. This brings up the question of option. op-tion. An option has no value within tho law unless something has been paid, or Is agreed to bo paid for it. If I voluntarily offer to sell my horse for $100 and give you a week In which to buy, I may withdraw the offer within with-in tho week without being liable to damages for not keeping my promise; but, If you havo given mo something, no matter how slight, it being of some value, or If you havo agreed to give mo something or render mo some service ser-vice In exchange for the agreement to hold tho offer open, I must do so or put myself In danger of a suit for damages. dam-ages. After a reasonable timo hns elapsed, tho offer not being made for a definite time, it Is not necessary fcr one making tho offer to formally with draw it, as tho law will presume It to be withdrawn. If the one offering wishes to withdraw before a reasonable reasona-ble tlmo has elapsed, he must communicate commu-nicate tho withdrawal by word or act to tho offeree. There are some things that will terminate ter-minate an offer other than the voluntary volun-tary act of the ono offering, as, for Instance, his death or his insanity. Offers are sometimes mado to tho general public, no particular persons being specified, as when an offer of reward re-ward Is made in a newspaper or by posters. In such cases any one may accept if he does so before tho offer is withdrawn; and In order for It to be withdrawn tho samo means must be used as was used In making it public. pub-lic. In our next wo shall treat of tho Important Im-portant subject, "Contracts by Mall and Telegraph." (To bo Continued.) o |