Page:United States Statutes at Large Volume 47 Part 1.djvu/1208

 1184 Post, p.1187. When encased. Post, p. 1188. Post, p. 1189. Impossible and un- lawful conditions void. Post, p. 1195. Post, p. 1195. Post, p. 1195. Ante, p. 1155. Conditions involving forfeiture. 72d CONGRESS. SESS. II. CH. 128. FEB RUARY 2 '7, 1933 . CRoss REFERSNCRS Concurrent or precedent conditions, performance of, see section 468. Impossible conditions void, see section 437. SEC. 436. WHEN PERFORMANCE, ETC., EXCUSED.--If a party to an obligati on gives n otice to another, before the latter i s in defa ult, that he will not perform the same upon his part, and does not retract such notice before the time at which performance upon his part is due, such other party is entitled to enforce the obligation without previously performing or offering to perform any conditions upon his part in favor of the form er party. CROSS R„ERREN ZS Excuse of performance, see section 474. Refusal to accept performance before the time to perform, see section 477. SEC. 437. IMPOSSIBLE OR UNLAWFUL CONDITIONS vom.-A condition in a contract, the fulfillment of which is impossible or unlawful within the meaning of sections 520 to 524, or which is repugnant to the nature of the interest created by the contract, is void. CRO SS R>> sxiccxs Conditions, when impossible, see sections 521 et seq. Object of contracts, see sections 520 et seq. Unlawful conditions, see sections 219 et seq. ,.SEC. 438 . COND ITIO NS IN VOLVI NG F ORFEI TURE , HOW CONSTRUED.-- A condition involving a forfeiture must be strictly interpreted against the party for whose benefit it is created. Alternative oblige- ALTERNATIVE OBLIGATIONS Lions. Right of selection. SE C. 439. WHO HAS THE RIGHT OF SELECTION :If an o bli gat ion requ ires the per form ance of one of two acts, in the alternative, the party required to perform has the rig ht of selection, un less it is otherwise provided by the terms of the Obligation. How lost. SEC. 440. RIGHT OF SELECTION, HOW LosT.-If the part having the right of selection between alternative acts does not give notice of hi s selection to the other pa rty within th e time, if any, fi xed by the obligation for that purpose, or, if none is so fixed, before the time at which the obligation ought to be performed, the right of selection Alter native s indi visi- p asses to the other party . ble. SEC. 441. ALTERNATIVES INDIVISIBLE.--The party having the right of selection between alternative acts must select one of them in its entirety, and can not select part of one and part of another without the consent of the other party. when one slteraa Live void. SEC. 442. NULLITY OF ONE OR MORE OF ALTERNA'llvl ; OBLIGATIONS .-- If one of the alternative acts required by an obligation is such as the law will not enforce, or becomes unlawful, or impossible of perform- ance, the obligation is 'to be interpreted as though the other stood alone. Transfer of obliga- tions. TRANSFER OF OBLIGATIONS Burden of obligation not transferable. SEC. 443. BURDEN OF OBLIGATION NOT TRANSFERABLE .-The burden of an o bliga tion may be tr ansf erred with the cons ent of the party Rights arising cut of, entitled to its benefit, but not otherwise. transferable. SE C. 444. RIGHTS ARISING OUT OF OBL IG AT ION TRANSFERABLE .-A right arising out of an obligation is the property of the person to whom it is due, and may be transferred as such.