Page:United States Statutes at Large Volume 76A.djvu/214

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–118–

-118Subchapter IV—Object § 1081. Object defined The object of a contract is the thing which it is agreed, on the part of the party receiving the consideration, to do or not to do. § 1082. Requisites of the object The object of a contract must be lawful when the contract is made, and possible and ascertainable by the time the contract is to be performed. § 1083. Impossibility defined Everything is deemed possible except that which is impossible in the nature of things. § 1084. Unlawful, impossible, or unascertainable object Where a contract has but a single object, and that object is unlawful, whether in whole or in part, or wholly impossible of performance, or so vaguely expressed as to be wholly unascertainable, the entire contract is void. § 1085. One of several objects unlawful Where a contract has several distinct objects, of which one at least is lawful, and one at least is unlawful, in whole or in part, the contract is void as to the latter and valid as to the rest. Subchapter V—Consideration § 1101. Good consideration defined A benefit conferred, or agreed to be conferred, upon the promisor, by another person, to which the promisor is not lawfully entitled, or a prejudice suffered, or agreed to be suffered, by another person, other than such as he is at the time of consent lawfully bound to suffer, as an inducement to the promisor, is a good consideration for a promise. § 11D2. Legal or moral obligation An existing legal obligation resting upon the promisor, or a moral obligation originating in a benefit conferred upon the promisor, or prejudice suffered by the promisee, is also a good consideration for a promise, but only to an extent corresponding with the extent of the obligation. § 1103. Lawful consideration The consideration of a contract must be lawful within the meaning of section 1241 of this title. § 1104. Effect of illegal consideration If a part of a single consideration for one or more objects, or of several considerations for a single object, is unlawful, the entire contract is void. § 1105. Executed or executory consideration A consideration may be executed or executory, in whole or in part. Insofar as it is executory it is subject to sections 1081-1085 of this title. § 1106. Executory consideration When a consideration is executory, it is not indispensable that the contract specify its amount or the means of ascertaining it. I t may be left to the decision of a third person, or regulated by any specified standard.