n, and if nothing is
done to conceal faults, there is no fraud in law. "Let the buyer beware,"
is an ancient maxim, and a buyer must exercise reasonable diligence and
prudence. Fraud absolves the injured party, but the defrauding party may
be held to the contract; that is, the contract is voidable at the option
of the party deceived.

_7. Some contracts must be in writing._

The principal classes of commercial contracts which must be in writing to
be binding, are: (a) agreements for the sale of property of more than a
certain value; (b) agreements of guaranty; (c) agreements not to be
performed within a year.

In the famous English "Statute of Frauds," which is the basis of the
American local statutes on matters referred to in this section, the value
of personal property requiring written contract was ten pounds or fifty
dollars. In the United States the value varies in different states from
$30 to $200. But if part of the property is delivered or part of the
purchase money is paid the whole contract is binding, even if not in
writing.

A guaranty is an agreement by which a person warrants that a certain third
person shall duly perform an engagement. Thus if A obtains goods from B
upon the assurance of C that they will be paid for, C is said to guarantee
the debt.

A contract which _may_ be performed within a year does not come under the
statute, even if such performance seems improbable at the time of making
the contract.

The style of the writing is immaterial--it may be formal or informal, in
ink or pencil. It may be made by the principal or by his agent.

_Pertinent Questions._

How are the laws--legislative enactments and decisions of the Supreme
Court--made public? Why are they thus published?

Tell whether the following agreements are valid contracts or not, and why:

1. An agreement to print a libel. A lease of a house for gambling
purposes. A contract executed on Sunday. A contract for work to be done
for five consecutive days, beginning on Friday. How would it affect the
case if the work were the removing of goods from a building in imminent
danger of falling? The agreement of a tinsmith never again to work at his
trade. His agreement not to work at it within a specified time or in a
certain town.

2. An agreement to swim across the ocean. To pay for a horse at the rate
of one kernel for the first nail in the horse's shoes, two for the second,
four for the third, eight for the fourth, and so on