958. When the obligation of a third er upon such person, is accepted in s Hitor may rescind such acceptance, if ts such person from complying with the filling the obligation, or it, at the time th er is received such person is insolvent Known to the creditor, or if before the cr sonable diligence present the order to t om it is given he becomes insolvent. CHAPTER VI. RELEASE. § 959. An obligation is extinguished by om given to the debtor by the creditor, up deration, or under seal. Certain § 960. A general release does not extend to claims which becneral the creditor did not know or have reason to believe to exist claims not affected release. in his favor, at the time of executing the release. Release of § 961. A release of one of two or more joint debtors several joint debtors. does not extinguish the obligations of any of the others, unless they are mere guarantors; nor does it affect their right to contribution from him. CHAPTER I. Definition. II. Parties. III. Consent. V. Consideration, CHAPTER I. DEFINITION. 970. A contract is an agreement to do cain thing. 3 971. It is essential to the existence of a re should be: 1. Parties capable of contracting; 2. Their consent; 3. A lawful object; and, 4. A consideration. CHAPTER 11. PARTIES. Who may contract. Minors, &c. Identifi cation of parties § 972. All persons are capable of contracting, except minors, persons of unsound mind, and persons deprived of civil rights. § 973. Minors, and persons of unsound mind, have only such capacity to contract as is defined by Part I of the First Division of this Code. § 974. It is essential to the validity or a contract, not necessary. only that the parties should exist, but that it should be possible to identify them. When contract for benefit of third person may be enforced § 975. A contract, made expressly for the benefit of a third person, may be enforced by him at any time before the parties thereto rescind it. |