Summary

Nathan Clifford Emerson v. Slater — Opinion of the Court

But we are not aware of any case or dictum showing that because a surety, after he has become bound as such, takes security from his principal to indemnify himself against loss by his contract of suretyship, he thereby ceases to be a surety and becomes a principal debtor. There are decisions, no doubt well founded, that an absolute parol promise to pay the debt of another, in consideration of property put into the promissor's hands to enable him to pay the debt, makes the debt his own, and he is not a surety, within the statute of frauds.
Source: Wikisource

Nathan Clifford Emerson v. Slater — Opinion of the Court

Apply these principles to the terms of the written agreement, in view of the attending circumstances and the subject matter, and it is quite clear that the promise of the defendant was an original undertaking on a good and valid consideration moving from the plaintiff at the time the instrument was executed. On its face it purports to be a contract between the parties, for their own benefit; one agreeing to do certain work, and furnish certain materials, and the other agreeing to pay therefor a stipulated compensation. Their promises are mutual, and in one respect dependent.
Source: Wikisource

Nathan Clifford Emerson v. Slater — Opinion of the Court

That Emerson was bound by his contract with the corporation to do so. And every act and word of Slater, and every omission to speak or act, is entirely consistent with the assumption, that if Emerson should finish the work before December 1st, he was to look to him for the notes; if he should not finish before December 1st, he was to look to the corporation for whom and under a contract with whom he was doing the work.
There is no case of recovering on a quantum meruit or quantum valebant, except for some work or materials done or furnished, and that too for the defendant.
Source: Wikisource

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