In order that agreement may result in obligation, so as to constitute contract, the consequences of the agreement must affect the parties themselves; otherwise the verdict of a jury, which is an agreement between the jurors, would satisfy the requirements.18
12 it has been said that we may accept as a test of this question that the intention must relate to something which is of some value in the eye of the law, something which can be assessed at a money value. Anson, Cont 2. It is true that the matter of an agreement must be reducible toa money value, to be enforceable; but this necessity does not spring from the nature of agreement. See post, p. 6. Furthermore, there may be agreements which will meet this requirement, and yet will not result in contract, because of the intention of the parties; that is to say, because of failure to refer to legal relations. A man who invites another to dine with him, or perform any other social function, goes to expense in making preparations, and if the engagement is broken, there is a loss which may be assessed at a money value, but this does not make the agreement a contract. The reason is that the parties do not contemplate legal relations and consequences. The engagement is merely a social one. The fact that the matter contemplated is reducible to a money value does not make the agreement a contract, unless, in addition to this, the parties intend to affect their legal relations. Pol. Cont. 2, note (a). See Earle v. Angell, 157 Mass. 294, 32 N. E. 164. See "Contracts," Dec. Dig. (Key-No.) §§ 7, 14; Cent. Dig. §§ 9, 48.
13 If a fund is held by the trustees under a will, to be paid over to the testator's daughter on her marriage with their consent, and they give their consent to her marrying J. S., this declaration of consent affects the duties of the trustees themselves, for it is one of the elements determining their duty to pay over the fund. Still it is not an agreement, for it concerns no duty to be performed by any one of the trustees towards any other of them. There is a common duty to the beneficiary, but no mutual obligation." Pol. Cont. 3.