Value received.
John J. Roe.
Draft, or Bill of Exchange.
$200.
Portland, Me., October 1, 1883.
At thirty days’ sight (or thirty days after date), pay to the order of John Ray two hundred dollars—value received—and charge same to account of
To John Roe, Boston, Mass.
Richard Roe.
If John Roe accepts of the conditions of the bill he will write his name across its face together with the date on which it is done, prefixing same with the word “accepted.”
In the outline analysis given below our readers will readily discover all the essential elements of a contract, which is of course the foundation principle of commercial paper.