Strasburg Railroad v. Echternacht

[222] The opinion of the Court was delivered by Black, C. J. — Before the Strasburg Railroad Company was incorporated, the defendant and others signed a paper, agreeing that if it should be incorporated with certain privileges, they would subscribe the number of shares set opposite to their respective names. The charter was obtained, and the defendant refused to take the stock. Whereupon the company brought this bill in equity to enforce specific performance of the contract. A contract cannot be made by one person alone. It takes two to make a bargain. Before a promise becomes a binding obligation, it must not only be made to, but must be expressly or impliedly accepted by, the party for whose benefit it was meant. The paper before us is no more than a naked expression of the subscriber’s intention to purchase certain shares in the capital stock of a company which it was expected would be incorporated by the legislature. Besides, it is without any sufficient consideration. It is not pretended, and cannot be made out from the paper, that the agreement of the defendant was the motive of the others for taking stock. ■ It is well settled, that procuring legislation of any land, is not a consideration which will support even a direct promise to pay a fair compensation for the labor of the promisee about such a business. Again: If there was a binding engagement, it was not made with the railroad company, which did not exist at the time. But, supposing this to have been a valid contract, to which the plaintiff was á party, and based upon good consideration, a bill in equity is not the mode of enforcing it; the remedy at law for its violation being full, complete, and adequate. Decree affirmed.