OCR Text |
Show business law in daily use. The following compilation of business law contains the essence of a large amount of legal verbiage: If a note is lost or stolen, it does not release the maker; he must pay it, if the consideration for which at was given and the amount can be proven. Notes bear interest only when so stated. Principals are responsible for the acts of their agents. Each individual in a partnership is responsible for the whole amount of the debts of the firm, except in cases of special partnership. Ignorance of the law excuses no one. The law compels no one to do impossibilities. An agreement without consideration is void. A note made on Sunday is void. Contracts made on Sunday cannot be enforced. A note by a minor is void. A contract made with a minor is void. A contract made with a lunatic is void. A note obtained by fraud, or from a person in a state of intoxication, cannot be collected. It is a fraud to conceal a fraud. Signatures made with a lead pencil are good in law. A receipt for money is not always conclusive. The acts of one partner bind all the rest. " Value received " is usually written in a note, and should be, but is not necessary. If not written it is presumed by the law, or may be supplied by proof. The maker of an " accommodation " bill or note (one for which he has received no consideration, having lent his name or credit for the accommodation of the holder) is not bound to the person accommodated, but is bound to all other parties, precisely as if there was a good consideration. No consideration is sufficient in law if it be illegal in its nature. Checks or drafts must be presented for payment without unreasonable delay. Checks or drafts should be presented during business hours, but in this country, except in the case of banks, the time extends through the day and evening. If the drawee of a check or draft has changed his residence, the holder must use due or reasonable diligence to find him. If one who holds a check as payee or otherwise, transfers it to another, he has a right to insist that the check be presented that day, or, | at farthest, on the day following. A note indorsed in blank (the name of the indorser only written) is transferable by delivery, the same as if made payable to bearer. If the time of payment of a note is not inserted, it is held payable on demand. NEW WEATHER SIGNALS. [Adopted for general use by the United States Signal Service on and after March 1, 1887.] INTERPRETATION OF SIGNALS. No. 1, white flag, clear or fair weather, no rain. Number 2, blue flag, rain or snow. Number 3, black triangular flag, refers to tempera- ture, and above numbers 1 or 2, indicates warmer weather; below numbers 1 or 2, colder weather, and when not displayed, stationary weather. Number 4, white flag with black center (cold-wave flag) sudden fall in temperature; this signal is usually ordered at least twenty-four hours in advance of the cold wave. It is not displayed unless a temperature of forty-five degrees, or less, is expected, nor is flag number 3 ever displayed with it. display examples. TO FIND LENGTH OF DAY OR NIGHT. At any time of the year add 12 hours to the time of the sun's setting, and from the sum subtract the time of rising for the length of the day. Subtract the time of setting from 12 hours, and to the remainder add the time of rising next morning for the length of the night. These rules equally true for apparent time. |