Ray Charles Book:

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Editorial Review:
Purchase of this book includes free trial access to www.million-books.com where you can read more than a million books for free. This is an OCR edition with typos. Excerpt from book: whole transaction constitutes nothing more than a wager, is contrary to public policy, and is void.1 Under the Statute of Virginia, Code, 1873, p. 984, § 2, as under that of New York, 1 Rev. Stat. N. Y. title 8, art. 3, § 8, p. 662, money advanced solely for the purpose of carrying "cotton futures," for which the party advancing has contracted with another, cannot be recovered, where the payment of " differences " only was intended.' The decision in Brou'n v. Sjteyers, 20 Gratt. 96, does not conflict with this construction of the Virginia statute. In Wisconsin whatever form these engagements assume, if neither party actually intend to sell and deliver or buy and pay for the article specified, but only mean to call for and pay the difference between the contract price and the price at a future day, the transaction is not enforceable.' § 3. Courts, in Matter of Contract, Will first Protect the Public—Legislative Action.—It may be regarded as well settled that, in the law of contracts, the first purpose of the courts is to- look to the welfare of the public, and that if the enforcement of an agreement would be inimical to its interests, no relief can be granted to the party injured, although it might result beneficially to the party who may violate the agreement. That a person executed a note given on an illegal consideration, with full knowledge of all the facts, is of no moment. The defense he makes is not allowed for his sake, but to maintain the policy of the law.' Contracts to mislead the public in imposing on them a spurious article or unqualified person,' contracts in fraud of the revenue or to pervert elections or to bribe public officers, compounding felonies, and gambling contracts, or agreements in violation of lawor morality, and by statutes, all wager or g...