There is difference between transferring of right to the thing; and transferring, or tradition, that is delivery of the thing itself. For the thing may be delivered together with the translation of the right; as in buying and selling with ready-money; or exchange of goods, or lands: and it may be delivered some time after.
Covenant what.
Again, one of the contractors, may deliver the thing contracted for on his part, and leave the other to perform his part at some determinate time after, and in the mean time be trusted; and then the contract on his part, is called PACT, or COVENANT: or both parts may contract now, to perform hereafter: in which cases, he that is to perform in time to come, being trusted, his performance is called keeping of promise, or faith; and the failing of performance, if it be voluntary, violation of faith.
Free-gift.
When the transferring of right, is not mutual: but one of the parties transferreth, in hope to gain thereby friendship, or service from another, or from his friends; or in hope to gain the reputation of charity, or magnanimity; or to deliver his mind from the pain of compassion; or in hope of reward in heaven; this is not contract, but GIFT, FREE-GIFT, GRACE: which words signify one and the same thing.
Signs of contract express.
Signs of contract, are either express, or by inference. Express, are words spoken with understanding of what they signify: and such words are either of the time present, or past; as, I give, I grant, I have given, I have granted, I will that this be yours: or of the future; as, I will give, I will grant: |Promise.| which words of the future are called PROMISE.
Signs of contract by inference.
Signs by inference, are sometimes the consequence of words; sometimes the consequence of silence; sometimes the consequence of actions; sometimes the consequence of forbearing an action: and generally a sign by inference, of any contract, is whatsoever sufficiently argues the will of the contractor.
Free gift passeth by words of the present or past.