THE

LAW OF CONTRACTS.

BY

THEOPHILUS PARSONS, LL.D.,

AUTHOR OF TREATISES ON THE ELEMENTS OF MERCANTILE LAW, ON THE LAW OF
SHIPPING AND ADMIRALTY, ON MARINE INSURANCE, ON PARTNERSHIP,

ON NOTES AND BILLS, AND ON THE LAWS OF
BUSINESS AND BUSINESS MEN.

VOLUME II.

NINTH EDITION,

EDITED BY

JOHN M. GOULD.

BOSTON:

LITTLE, BROWN, AND COMPANY.

1904,

Entered according to Act of Congress, in the years 1853, 1855, 1857, 1860, 1864, by
THEOPHILUS PARSONS,

In the Clerk's Office of the District Court of the District of Massachusetts.

Entered according to Act of Congress, in the year 1873, by
THEOPHILUS PARSONS,

In the Office of the Librarian of Congress, at Washington.

Copyright, 1881,

BY THEOPHILUS PARSONS.

Entered according to Act of Congress, in the years 1883, 1893, by
DAVID L. WEBSTER, FRANCIS A. DEWSON, and CHARLES M. REED, Trustees,
In the Office of the Librarian of Congress, at Washington.

CONTENTS.

PART I.

THE LAW OF CONTRACTS CONSIDERED IN REFERENCE TO THE

OBLIGATIONS ASSUMED BY THE PARTIES.—Continued.

SECTION VI.

How a guarantor is affected by indulgence to a debtor

SECTION VII.