Bond, in law, an instrument in writing and under seal, whereby one person, who is called the obligor, acknowledges himself bound to another, who is called the obligee, for the payment of a specified sum of money. If this be the whole, it is called a simple bond; but usually the sum mentioned is specified by way of penalty only, and a condition is underwritten which constitutes the real contract, and which may be for the payment of money, or for any other lawful act to be done or performed by the obligor or by any other person, and which when done shall discharge the penalty. To constitute a valid bond, the obligor must be competent to contract, and he must seal and deliver the instrument; he need not sign, though usually this formality is observed. The seal is evidence that it is given upon sufficient consideration. A bond has some advantages over simple contracts, or those which are not under seal, the chief of which is that, under the statutes of limitation, the remedy by suit thereon is not so soon barred; 6 years being in general the period in the case of simple contracts, and 10,15, or 20, in different states, in the case of bonds. At common law, also, contracts under seal were entitled to precedence in the distribution of estates of deceased persons.

In a suit upon a bond the obligee recovers judgment for the penalty, but to be discharged upon payment of the actual damages sustained by non-performance of the condition, which damages are assessed by the court or jury and constitute the real measure of liability. A bond is not negotiable, and though it may be assigned, the assignee must at common law sue upon it in the name of the obligee.

Bond #1

Bond, a S. TV. county of Illinois, intersected by Shoal creek and its branches, and touched on the S. E. corner by Kaskaskia river; area, about 400 sq. m.; pop. in 1870, 13,152. The St. Louis, Vandalia, Terre Haute, and Indianapolis railroad passes through the county. The surface is moderately uneven, and occupied by beautiful prairies and woodland in equal proportion. The soil is fertile. Coal is found near Shoal creek. The chief productions in 1870 were 369,325 bushels of wheat, 1,064,052 of Indian corn, 461,097 of oats, 19,338 tons of hay, and 37,259 lbs. of wool. There were 6,481 horses, 3,618 milch cows, 10,233 sheep, and 16,907 swine. Capital, Greenville.