commerce

In the price of buying and selling, it is naturally allowed to the contracting parties to overreach each other.

Source: 1 Story, Cont. 606; Weisman, 13g

(English-origin maxim.) In arm's-length bargaining over price, each party is naturally permitted to seek the best deal — the law does not police hard bargaining absent fraud or duress.

A trustee can never be a purchaser.

Source: Wharton, III-33

(English-origin maxim.) A trustee is absolutely prohibited from purchasing the trust property — the fiduciary duty to the beneficiary is incompatible with the self-interest of a buyer.

The contract gives the law.

Legem enim contractus dat.

Source: Allen v. Merchants' Bank; Wharton, III-165; Weisman, 22e

The contract gives the law to the transaction — the terms agreed upon by the parties, not external default rules, govern the rights and obligations arising from their agreement.

It is called a "condition," when something is given on an uncertain event, which may or may not come into existence.

Source: Co. Litt. 201; Weisman, 19b

(English-origin maxim.) A condition in law is a provision tied to an uncertain future event — until the contingency occurs or fails, the rights dependent on it remain in suspense.

A delegated debtor is hateful in law.

Source: 3 Bulstr. 148; Weisman, 28e

(English-origin maxim.) The law disfavors the delegation of debts — substituting a new debtor in place of the original is viewed with suspicion and requires clear proof of the creditor's consent.

That which is due unconditionally is due now.

Source: Tray. Leg. Max. 519; Weisman, 28h

(English-origin maxim.) An unconditional debt is presently due and payable — the debtor cannot delay payment by claiming no time for performance was specified.

The principal should always be exhausted before coming upon the sureties.

Source: 2 Inst. 19; Weisman, 28l

(English-origin maxim.) The creditor must first exhaust his remedy against the principal debtor before pursuing the surety — the guarantor's liability is secondary, not primary.

Naked reason and naked promise do not bind any debtor.

Source: Fleta, 1, 2, C. 60, S. 25; Weisman, 28q

(English-origin maxim.) Bare argument or a naked promise, unsupported by consideration or formality, creates no binding obligation on a debtor — the law requires something more than words.

A debt is a legal relation between two parties.

Source: Safe Dep. & Tr. Co. v. Virginia, 280 U.S. 83, 97; Weisman, 28v

(English-origin maxim.) A debt is not a thing but a legal relation between two determinate parties — the debtor-creditor bond is personal and exists only between those bound by the obligation.

What one has paid knowing it not to be due, with the intention of recovering it back, he cannot recover back.

Source: Dig. 2, 6, 50; Weisman, 28w; Weisman, 35x

(English-origin maxim.) One who pays money knowing it is not owed, intending to reclaim it, cannot recover — the voluntary payment with knowledge of the facts bars restitution.

Let him who has nothing in his purse pay in his person, lest he who offends should go unpunished.

Source: C.L.M.; 2 Inst. 173; 4 Bl. Comm. 20; Weisman, 28g

(English-origin maxim.) Where a wrongdoer cannot make monetary restitution, the law requires satisfaction in his person — historically through imprisonment or corporal punishment — so that no offense goes without remedy. The principle secures the injured party's right to redress: inability to pay does not extinguish the obligation, and the law will not suffer a wrong without a remedy.