Page:United States Statutes at Large Volume 76A.djvu/215

From Wikisource
Jump to navigation Jump to search
This page needs to be proofread.


-119§ 1107. Ascertainment of consideration When a contract does not determine the amount of the consideration, nor the method by which it is to be determined, or when it leaves the amomit thereof to the discretion of an interested party, the consideration must be as much money as the object of the contract is reasonably worth, § 1108. Impossibility of ascertaining consideration (a) Where a contract provides an exclusive method by which its consideration is to be determined, which method is on its face impossible of execution, the entire contract is void. (b) Where a contract provides an exclusive method by which its consideration is to be determined, which method appears possible on its face, but in fact is, or becomes, impossible of execution, such provision only is void. (c) This section does not apply to cases provided for by sections 1429 and 1430 of this title. § 1109. Written instrument A written instrument is presumptive evidence of a consideration. § 1110. Burden of proving want of consideration The burden of showing a want of consideration sufficient to support an instrument lies with the party seeking to invalidate or avoid it. CHAPTER 33—CREATION OF CONTRACTS Sec. 1141. 1142. 1143. 1144. 1145. 1146. 1147. 1148. 1149. 1150.

Kiuds of contracts. Express contract defined. Implied contract defined. Oral contracts. Contract not in writing through fraud. Statute of frauds. Effect of written contract on negotiations or stipulations. Written contract effective upon delivery. Law governing delivery of written contracts. Sealed and unsealed instruments.

§ 1141. Kinds of contracts A contract is either express or implied. § 1142. Express contract defined An express contract is one the terms of which are stated in words. § 1143. Implied contract defined An implied contract is one the existence and terms of which are manifested by conduct. § 1144. Oral contracts All contracts ma^ be oral, except such as are specially required by statute to be in writing. § 1145. Contract not in writing through fraud If a contract, which is required by law to be in writing, is prevented from being put into writing by the fraud of a party thereto, any other party who is by that fraud led to believe that it is in writing, and acts upon that belief to his prejudice, may enforce it against the fraudulent party. § 1146. Statute of frauds The following contracts are invalid, unless the same, or some note or memorandum thereof, is in writing and subscribed by the party to be charged, or by his agent: (1) an agreement that by its terms is not to be performed within a year from the making thereof;