of law which have restrained her liberty in dealing with her property. It would be impossible to attempt to state here the extent or limitations upon the powers of married women in the matter of contracts. Το ascertain what these are recourse must be had to the statute laws of the several states.

§ 450. Definition.-Consideration is something esteemed in law to be of value, in exchange for which the promise in a contract is made. A promise will not be enforced by the courts unless it is given in return for a consideration. Merely gratuitous promises will not be enforced. The law estimates values in money, and the consideration must be something to which a jury can attach a pecuniary value. Natural love and affection named in a deed as a consideration will make the conveyance good, but a promise to convey, or a promise to pay money in consideration of natural love and affection, is not binding. As between the original parties to a negotiable promissory note, or bill of exchange, a consideration is necessary, but if the note or bill is purchased in good faith, before it is due, by a third person, he can enforce payment, although it was originally given without consideration.

A good consideration is blood, natural affection and the like. A valuable consideration is money, or some commodity, or marriage. To-day the mere doing of an

act which one is not already legally bound to do is generally considered a good consideration regardless of its value.

One who takes a deed based upon a good consideration only takes the property subject to the rights of creditors who may be injured thereby. A man may give away his property if he retains sufficient to pay his existing debts. The maxim is that "a man must be just before he is generous.

A mere moral obligation imposed by a sense of duty will not make a promise binding. A promise to pay money to another, prompted by motives of gratitude for past favors, is not binding. But a moral obligation, supported by a past legal obligation, will support a promise and make it binding. If a debt is barred by the statute of limitations, or by a discharge in bankruptcy, and the debtor makes a new promise to pay it, it is a good promise for the reason that though there is no present legal obligation to pay there is a moral obligation, and when the moral obligation rests upon what was a previous legal obligation, it is a valuable consideration and will support a promise. The better view, however, is to consider the new promise as a mere waiver of the defense of the statute of limitations or the discharge in bankruptcy, and allow the plaintiff to recover on the original undertaking.

§ 451. Adequacy of consideration.-The adequacy of consideration is something that courts will not inquire into except in cases of imposition or fraud. Parties capable of contracting are left to make their own bargains, and their mistaken estimates of values of things purchased or received will not be corrected. Where the inadequacy is so gross as to shock the moral sense it will be proof of fraud.

§ 452. Prior obligation as consideration.-Where the law has fixed the value of services to be performed, as by naming fees for official services, a promise to pay more is not binding. So, where one is already bound by a previous agreement, or by law to do a particular thing, the doing of the act is no consideration for a binding promise. If one owes a sum of money and pays part, and his creditor agrees to release him from the payment of the balance, it is not binding. But if a debtor gives his creditor some article not money, though of less value than the whole amount, and it is accepted for the whole debt, it is a good discharge; and so if a debtor procures a friend to pay his creditor a sum less than the whole debt, such payment is a good consideration to support a promise to release the remainder. And a payment of a sum less than the whole debt before it is due is a good consideration to support a release.

$453. Promise to release debtor.-Where a man is embarrassed and his creditors mutually agree to take a portion of their respective debts in discharge of all, it is binding, the consideration for the discharge being the mutual promises of the creditors and not the amounts of money they receive.

§ 454. Disputed claims.-Where there is a dispute as to the amount due, and the creditor agrees to accept less than what may really be due in discharge of the whole, it is good. Where a man makes a claim against another in good faith and threatens to bring suit, and money is agreed to be paid if he will not sue, the agreement is binding; but if the threat is merely to extort blackmail, and the claimant does not in good faith believe he has a just claim, such agreement can not be enforced. The consideration promised must be some

thing beneficial to the promisee or to a third person, or a detriment to the promisor. A simple agreement to extend the time of payment is not binding, unless extra interest is agreed to be paid, or interest is paid in advance or something of value given. So, if one agrees to carry goods for nothing it is not binding, but if he receives the goods after making such a promise, he must carry and deliver them safely. Communicating knowledge, and the advice of a lawyer or physician are sufficient considerations.

§ 455. Impossible and illegal consideration.-An agreement to do a thing absolutely impossible to be done is no consideration, nor will an agreement based upon an illegal or immoral consideration be binding. Where, at the time of the contract, the thing contracted for is not in existence, there is no consideration, as when two in good faith bargain for the purchase and sale of a horse, supposing it to be alive, when in fact at the time of the agreement it is dead.

§ 456. Executed and executory considerations.— The consideration is executed where the thing agreed for is done or given, and it is executory where the thing promised remains to be given or done. If one is employed to labor for a sum certain, the consideration is executed on his part when the labor is performed, and it is executory on the part of his employer until payment is made.

§ 457. Past consideration.-The consideration must consist of a present or future act; a past act can not serve as a consideration for a promise. This rule operates very harshly in some cases, as where a son of full age fell sick and was cared for by strangers, who paid the