o 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.

_4. The parties to the contract must assent to it._

The assent must be voluntary. It may be given by words, by acts, or by
accepting the benefits of the offer. If acceptance is by letter, the
contract is complete when the letter of acceptance is mailed. The parties
must assent to the same thing. Assent imposing a new condition is no
assent.

_5. The promise must be for a consideration._

The law will not compel a person to give something for nothing. But the
amount of the consideration is usually unimportant, so long as it is
reasonable. Anything is a consideration which is of benefit to the person
promising or of loss or inconvenience to the other. An illegal
consideration is, however, not a consideration; nor is the performance of
a moral duty, nor the doing of what would be a legal duty without the
promise in question. If the consideration fails, the contract fails. One
has no right to sue on a contract unless he has performed or offered to
perform his part.

_6. The contract must be made without fraud._

Fraud may be practiced in two ways, by making statements known to be false
or by concealing facts that ought to be revealed. But if the parties meet
on equal terms, with the same sources of informatio