Page:United States Statutes at Large Volume 47 Part 1.djvu/1215

 72d CONGRESS. SESS. II. CH. 128. FE BRUARY 27, 1933 . CHAPTER 28 .-NA TURE OF A CO NTRA CT DEFINITION SEC. 489 . CONTRACT, WHAT.-A contract is an agreement to do or not to do a certain thing. PARTIES CR OSS R rscEs Contracts of infants, see sections 19 et seq ., and 598. Contrac ts of marrie d women, see sections 113, 114, and 122. Contracts of persons of unsound mind, see sections 24 et seq. ,SEC. 4.93 . IDENTIFICATION OF PARTIES NECESSARY.-It is essential to the validity of a contract, not only that the parties should exist , b~'~ that it should be possible to identify them. SEC. 494. WHEN CONTRACT FOR BENEFIT OF THIRD PERSON MAY BE ENFORCED .-A contract, made expressly for the benefit of a third per- son, may be enforced by him at any time before the parties thereto rescind it. CON SEN T SEC. 495. ESSENm4I.s OF CONSENT .-The consent of the parties to a contract must be : 1. Free ; 2. Mutual ; and, 3. Communicated by each to the other. 1191 NATURE OF A CONTRACT. "Contract." CROSS RRFERZ1WES Object of a con tract, se e section 520 et s eq. Past, p. 119L Parties to a contract, see section 491 et seq . SEC. 490. ESSENTIAL ELEMENTS OF CONTRACT.-It is essential to the Elements of existence of a contract that there should be : 1. Parties capable of contracting ; 2. Th eir co nsent ; 3 . A lawful object ; and, 4 . A sufficient cause or consideration. CROSS REF xoas Consent, see sections 495 et seq. Consideration, see sections 525 et seq. ,p.1195• Requisites of object, see section 521. Post, p. 1195. Unlawful contracts, see section 572. Foal, p .120 0. Parties. SEC. 491. WHO MAY CONTRACT .-All persons are capable of con- capacity. tracting, except minors and persons of unsound mind. 1 Ante. p.1126; per, p. Ante, pp. 1139, 1140. Ante, p. 1128. SEC. 492. MINORS, ETC. Minors and persons of uns oun d mind, Minors, etc • have only such capacity as is defined by chapter 2 of this code. CRO SS Rs s snn1wR Powers of minors, see sections 19 et seq. Ante, p. 1325. Ident ifi ca tion of par ti es. Enforcement of con. tract for benefit of third perso n. Consent. Essentials. Cs ess REFE RENC ES Consent, when not free, and effect, see sections 498 and 497. Post, p.1192. Consent, when not mutual, see section 510. Post, p .1194 . Consent, how communicated, see sections 511 et seq. Post, p .1194.