Globe, 25,000.

BUSINESS LAW IN BRIEF

It is a fraud to conceal a fraud.

Ignorance of the law excuses no one.

A contract made on a Sunday is void.

A contract made with a lunatic is void.

The act of one partner binds all the others.

An agreement without consideration is void.

The law compels no one to do impossibilities.

Agents are liable to their principals for errors.

Principals are liable for the acts of their agents.

A receipt for money paid is not legally conclusive.

Signatures made with a lead pencil are good in law.

The seal of a party to a written contract imports consideration.

A contract made with a minor cannot be enforced against him. A note made
by a minor is voidable.

Each individual in a partnership is liable for the whole amount of the
debts of the firm.

A note which does not state on its face that it bears interest, will
bear interest only after due.

A lease of land for a longer term than one year is void unless in
writing.

An indorser of a note is exempt from liability if notice of its dishonor
is not mailed or served within twenty-four hours of its non-payment.

In case of the death of the principal maker of a note, the holder is not
required to notify a surety that the note is not paid, before the
settlement of the maker's estate. Notes obtained by fraud, or made by an
intoxicated person, are not collectible.

If no time of payment is specified in a note it is payable on demand.

An indorser can avoid liability by writing "without recourse" beneath
his signature.

A check indorsed by the payee is evidence of payment in the drawer's
hands.

An outlawed debt is revived should the debtor make a partial payment.

If negotiable paper, pledged to a bank as security for the payment of a
loan or debt, falls due, and the bank fails to demand payment and have
it protested when dishonored, the bank is liable to the owner for the
full amount of the paper.

Want of consideration--a common defense interposed to the payment of
negotiable paper--is a good defense between the original parties to the
paper; but after it has been transferred before maturity to an innocent
holder for value it is not a defense.

Sometimes the holder of paper has the right to demand payment before
maturity; for instance, when a draft has been protested for
non-acceptance and the proper notices served, the holder may at once
proceed against the drawer and indorsers.

Negotiable paper,