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OF MAN.

But if the words be of the time present, or past, as, "I have given," or, "do give to be delivered to-morrow," then is my to-morrow's right given away to-day; and that by the virtue of the words, though there were no other argument of my will. And there is a great difference in the signification of these words, volo hoc tuum esse cras, and cras dabo; that is, between "I will that this be thine to-morrow," and, "I will give it thee to-morrow": for the word "I will," in the former manner of speech, signifies an act of the will present; but in the latter, it signifies a promise of an act of the will to come and therefore the former words, being of the present, transfer a future right; the latter, that be of the future, transfer nothing. But if there be other signs of the will to transfer a right, besides words; then, though the gift be free, yet may the right be understood to pass by words of the future: as if a man propound a prize to him that comes first to the end of a race, the gift is free; and though the words be of the future, yet the right passeth: for if he would not have his words so be understood, he should not have let them run.

In contracts, the right passeth, not only where the words are of the time present, or past, but also where they are of the future: because all contract is mutual translation, or change of right; and therefore he that promiseth only, because he hath already received the benefit for which he promiseth, is to be understood as if he intended the right should pass for unless he had been content to have his words so understood, the other would not have performed his part first. And for that cause, in buying, and selling, and other acts of contracts, a promise is equivalent to a covenant; and therefore obligatory.

He that performeth first in the case of a contract, is said to "merit" that which he is to receive by the performance of the other; and he hath it as "due." Also when a prize is propounded to many, which is to be given to him only

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