14. Contract.—This is an agreement, upon sufficient consideration, to do or not to do a particular thing, which may be either express or implied, either executed or executory. Express contracts are, where one agrees to buy a load of hay or any thing else for a stated price ; an implied contract is, where one employs another to do a certain work for him. Here the law implies; that he undertook to pay him for his labour ; so where one takes up goods of a tradesman, without a stated price, he is bound to pay the value of them. Executed, is where one agrees to change his horse, or to do any other act with another, and does it immediately. Executory, is where a contract is to be consummated at a future period. And in all contracts, where one fails on his part of the agree ment, he shall pay the other party such damages as he has sustained by such neglect or refusal.
15. The most usual species of personal contracts are, I. Sale or exchange, which is a transmission of proper ty from one man to another, in consideration of some price or recompense in value ; for there is no sale without a recompense ; there must be a quid pro quo. If it be a commutation of goods, it is more properly an exchange ; but if it be a transferring of goods for money, it is called a sale. 2. Balement, which is a delivery of goods in trust, upon a contract expressed or implied, that the trust shall be faithfully executed on the part of the bailee ; as if cloth be delivered, or (in legal phrase) bailed, to a tailor to make up a suit of clothes, he has it upon an implied con tract to render it again when made, and that in a work manly manner. If money or goods be delivered to a common carrier, to convey from Oxford to London, he is under a contract in law to pay or carry them to the person appointed. 3. Hiring or borrowing, which is a con tract. whereby the possession of chattels is transferred for a particular time, on condition that the identical goods (or sometimes their value) be restored at the time ap pointed, together with (in case of hiring) a stipend or price for the use.
16. Any contract whereby a determinate sum of money becomes due to any person, and is not paid, but remains in action merely, is a contract of debt : And these debts are, 1. Of record ; as where they arise upon judgment, statutes merchant and staple, &c. and are evidenced by a court of record. 2. Special contracts,or such as where by a sum of money becomes or is acknowledged to be due, by deed or instrument under seal. 3. Debts by 4im pie contract, which possess neither of the two last quali ties, and are proved either by real evidence or notes un sealed. Bills of exchange and promissory notes, are sim ple contract debts.
17. Bankruptcy. —A bankrupt is defined to be a trader, who does certain acts to defraud his lawful creditors, or secretes himself to avoid their demands. Those who may become bankrupts, are persons using the trade of mer chandise ; and the acts whereby they may become bank rupt are, 1. Where one endeavours to avoid his credi tors, or eva de their just demands, as by denying himself; but this denial is not sufficient if the debtor is sick in bed, or engaged with company, or if the denial is made to one who comes in behalf of a creditor, and not the cre ditor himself. 2. Departing the realm with intent to de
fraud creditors. 3. One procuring himself to be arrested. 4. Suffering himself to be outlawed, with a view to defraud his creditors. 5. Departing from his dwelling-house,or othe r wise absenting himself from his creditors. 6. Making any fraudulent conveyance of his lands or goods,or in fact,commit ting any act with intent to baffle the demands orclaims of bona fide creditors.
18. The proceedings on a commission of bankrupt are, 1. By petition to the lord chancellor by one creditor to the amount of 1001. or by two to the amount of 1501. or by three or more to the amout of 260/. ; such debts must be proved by affidavit, upon which the chancellor grants a commission to such persons as to him seem good, who are then styled commissioners of bankrupt. When the commissioners have met, they are first to receive proof of the person's being a trader, and having commit ted some act of bankruptcy, and the amount of the peti tioning creditor's debt ; and then to declare him a bank rupt, if proved so, and to give notice thereof in the ga zette. They at the same time appoint three meetings ; at one of which an election must be made of assignees, or persons to whom the bankrupt's estate shall be assigned, for the benefit of the creditors ; and no creditor shall be permitted to vote in the choice of assignees, whose debt on the balance of accounts does not amount to 10/; and at the third meeting at farthest, which must be on the forty second day after the advertisement in the gazette, (unless the time be enlarged by the lord chancellor) the bank rupt, upon notice personally served upon him, or left at his usual place of abode, must surrender himself personally to the commissioners.
19. If a bankrupt has made an ingenuous discovery of all his effects, and has conformed in all respects to the law, and the creditors, or four parts in five of them in number and value, (but none of them creditors for less than 20/.,) will sign a certificate to that purpose, and it be allowed by the chancellor, or two judges by him appoint ed for that purpose, he shall have a decent and reasonable allowance for his future support, and to put him in a way of honest industry. And he shall be clear from all debts owing by him at the time he became a bankrupt, even though judgment shall have been obtained against him, and he lie in prison upon execution for such debts.
20. The injuries by which personal property may be affected are so various and multiplied, as well as the techni cal forms by which they may be redressed, that we cannot here attempt even an enumeration of them.—We refer to the following book for a view of the mode by which redress is obtainable against injuries in general.