Odger's English Common Law

34
PRIVATE RIGHTS.
The State requires these additional formalities for two
reasons
— ;
(i.) to distinguish the concluded bargain from preliminary
haggling
(ii.) to preserve a clear record of the transaction.
If these formalities be absent, the State will not enforce the
bargain, which is then no contract.
A contract, then, is an agreement enforceable at law between
two parties, by which rights are acquired by one to acts or
forbearances on the part of the other. It is founded on the
consent of the parties ;
but it owes its obligatory force to the
law. In every civilised country the law deems it for the
wellbeing of the community that every man should fairly
and honestly perform what he has undertaken to do. It
therefore attaches binding force to any bargain made by
competent persons which is not contrary to public policy, or
impeachable on any moral ground. If it cannot compel the
performance of such a contract, it will enforce compensation
for its non-performance.
The benefit of a contract can, as a rule, be assigned to a
stranger without the consent of the party burdened by it.
The burden of a contract cannot be assigned without the
consent of the party entitled to the benefit of it, unless some
benefit be assigned along with the burden. No one can sue
on a contract, unless he is either an original party to it or
the lawful assignee of an original party : though in a few
cases a stranger to the contract may bring an action of tort
if the contract was entered into with reference to him and he
has been injured by its negligent performance.
A contract may be put an end to by performance, or by a
new contract, or by simple rescission, or release. The right
to sue on a contract may be barred by lapse of time, or by
the bankruptcy of the person liable.
RIGHTS ARISING OUT OP TORTS.
The State will compel a man who does a wrongful act to
compensate all who are injured by it. Where there is no
contract between the parties, such a wrongful act is called in