One, the evidence of which is merely oral, or in writing, not under seal, nor of record.

As contracts of this nature are frequently entered into without thought or proper deliberation, the law requires that there be some good cause, consideration or motive, before they can be enforced in the courts. The party making the promise must have obtained some advantage, or the party to whom it is made must have sustained some injury or inconvenience in consequence of such promise; this rule has been established for the purpose of protecting weak and thoughtless persons from the consequences of rash, improvident, and inconsiderate engageinents. But it must be recollected this rule does not apply to promissory notes, bills of exchange or commercial papers.