ment by the best is prone to decline into government by the few without regard to qualification. And democracy is in danger of degenerating into mob rule.

Every government aims to be aristocratic.-That is, each government in theory seeks to have those rule who are best fitted to manage public affairs. This is the thought, for instance, in our requiring certain qualifications in voters and office-holders.

Our own government.-We fondly believe that our own government combines to a high degree the excellencies of all the forms.

Our hope for stability lies chiefly in the fact that our corner stone is eternal justice, the equality of all men before the law. Even the severe shock of civil war has been endured, and our system is more strongly intrenched in the confidence of the world than ever before.

We believe in the potency of good blood and good training. But the worth of each individual must be shown, it will not be taken for granted. We will neither lift him up because he is "his father's son," nor cast him down because his father was unworthy.

Situated as we are, with no powerful rivals near us, with the ocean between us and the countries of Europe, the common defense requires no great standing army to eat up our substance and to menace our liberties. Living in the north temperate zone, the belt of highest civilization, in a country capable of producing almost everything desirable, there is every reason to believe that, if we are true to ourselves and our opportunities, we may long enjoy prosperity and peace.

Debate.

Resolved, That universal suffrage is dangerous to the well being of society.

PART V.

SOME PRINCIPLES AND RULES OF COMMERCIAL LAW.

RESPONSIBILITY.

Ignorance of the law is no excuse.

At first sight this would seem unjust, since no one but a lawyer can be expected to have much legal knowledge. But as law is simply common sense applied, the exercise of ordinary judgment is usually sufficient to enable a person to act safely.

To present a few of the conclusions which have been reached by the experience of the ages, is the purpose of the following pages.

CHAPTER XXXI.-CONTRACTS.

Definitions.-A contract is an agreement between two or more parties, containing on the one hand an offer and on the other an acceptance.

Contracts are express or implied. An express contract is one whose terms are definitely stated in words; an implied contract is one whose terms are understood from the circumstances. A written contract is, of course, express; an oral contract may be express or implied.

Fundamental Principles.-Every one able to contract is free to enter into any agreement not forbidden by law. Every such person is bound to fulfill every legal contract that he makes

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Essential to a Contract.-To be binding, however: 1. A contract must be legal.

Most contracts are permitted by law. But a contract the carrying out of which is recognized as subversive of justice, morality, or the general welfare, is illegal, and therefore void.

2. The thing contracted to be done must be possible in its nature.

That a person finds it impossible under the circumstances to live up to his contract should not and does not release him from responsibility.

3. The parties to the agreement must be competent to

contract.

Persons not able to contract are minors, lunatics, idiots and drunk people, and in some states married women, except in relation to their separate estates. The purpose of this arrangement is to protect those who cannot protect themselves. A minor may, however, enforce a contract if he chooses to do so. A contract with a minor for the necessaries of life, when they are not or cannot be furnished by a parent or guardian, is valid. And any contract ratified by a minor after coming of age is binding upon him. A person unable to contract personally cannot contract through an agent. But he may act as an agent.

4. The parties to the contract must assent to it.

The assent must be voluntary. It may be given by words, by acts, or by accepting the benefits of the offer. If acceptance is by letter, the contract is complete when the letter of acceptance is mailed. The parties must assent to the same thing. Assent imposing a new condition is no assent.

5. The promise must be for a consideration.

The law will not compel a person to give something