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If both parties are guilty, neither can, in ordinary cases, obtain relief on a contract that has been executed. The rule that a consideration is necessary to a valid contract applies to all contracts and engagements not under seal, except bills of exchange and negotiable notes after they have passed into the hands of an innocent indorsee.
B, to whom it is addressed, is the drawee; C, to whom it is made payable, is the payee. As the bill is payable to C, or his order, he may, by indorsment, direct the bill to be paid to D; in which case C becomes the indorser, and D, to whom the bill is indorsed, is called the indorsee or holder.
Now if any holder or indorsee wishes it paid to any particular person, he fills up the blank by writing a request to that effect above the name of the indorser, thus: "Pay to George Bruce," or "Pay to George Bruce or order;" who, again, may by indorsement order it paid to some particular person.
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