A bond is an instrument in writing and under seal, binding the obligors to the obligee, in accordance with the recitals of the terms of the contract, and containing a defeasance clause showing the limitations or conditions of the liability of the sureties. The bond may be the obligation of both the principal and the sureties; where the principal is also a party to it the bond must be executed by both surety and principal. The obligee must be named with certainty; delivery of the bond to a particular person would not take the place of naming him as the obligee for whom the bond was intended. The bond is usually spoken of as an instrument of great formality, but the instrument will still be a valid bond even though the language is not in the most desired form, if the essentials of reciting the debt, with the obligation to answer for the same, together with the defeasance clause, that is, the conditions under which the bond is to be considered void, are given. A bond does not become effective until a delivery of the same is made, and an acceptance had by the obligee.

Bonds may be given for the faithful performance of the duties of a person acting in a private capacity, as on a contract with another private person; these are private obligations. The bond of a public official is styled an official bond; the obligation of the official to give a bond arises by rule of the statute; there is no rule of the common law demanding the giving of such a bond.

Judicial bonds, are those which the law requires parties litigant to give in judicial proceedings for the protection of other persons, who it is deemed may suffer an irreparable injury without the exacting of such bonds. If it were not for these checks on the right of all persons to invoke the compelling power of the courts, there would undoubtedly be much abuse of the privilege to bring to court any one who it is claimed owes to the individual an unfulfilled duty. The value of the rule making it necessary to give bond, either in the institution of the suit, or in the course of the review of the judgment on the same, is in its power to compel the litigants to exercise good faith in their appeal to the courts for justice.