Assignment And Discharge Of
Assignment And Discharge Of Contracts 1. Definition Of Assignment.—persons Other Than A Creditor May Become Entitled By Representation Or Assignment To Stand In The Creditor's Place, To Exercise His Rights Under The Contract; In Other Words, The Creditor May Transfer His Rights Against His Debtor To Some Third Person. An ...
Bailments 1
Bailments 1. Definitions.—bailment Has Been Defined As A De Livery Of A Thing By One Person To Another For A Certain Purpose, Upon The Promise That The Bailee Shall Return The Same Thing To The Bailor, Or Deliver It To Someone In Accordance With The Bailor's Instructions, After The Pur ...
Contract Of Parties 1
Contract Of Parties 1. Maker's Contract.—the Maker Of A Negotiable Instrument By Making It Engages That He Will Pay It According To Its Tenor. By Paying According To Its Tenor Is Meant That He Will Pay According To The Con Tract Made By Him, And As It Appeared On The ...
Defences 1
Defences 1. Are Described As Personal Defences And Real Defences. Personal Defences Include Conditional Or Equitable Defences, And Are Good When Pleaded By A Person As Against His Immediate Successor, Or As Against Someone Who Is Not A Holder In Due Course. The Real Or Absolute Defences Attack The Instrument ...
Discharge Of Contracts 1
Discharge Of Contracts 1. Discharge By Breach.—the Failure Of One Party To A Contract To Perform His Part Or Undertaking Is A Breach Of The Contract, And Gives Rise To An Action By The Other Party For Damages That He May Have Sus Tained. The Breach May Also Discharge The ...
Formation Of Contracts Competency
Formation Of Contracts: Competency Of Parties 1. Requisites Of A Contract.—we Have Already Said That There Are Four Requisites To The Validity Of A Con Tract, Namely, Parties Legally Capable Of Contracting; Consent Legally Given; An Object; And A Lawful Cause Or Consideration. There Must Not Be Fraud, Error Or ...
Formation Of Contracts Void
Formation Of Contracts: Void And Voidable Contracts I. Legality Of Object.—the Law May Prohibit The Doing Of Certain Things, Or Certain Acts May Be Con Trary To Public Policy. If An Agreement Has An Object Which Is Thus Contrary To Law Or Public Policy, An En Forceable Contract Cannot Result. ...
Formation Of Contracts The
Formation Of Contracts: The Contract Itself 1. Offer And Acceptance.—it Is Essential To A Con Tract That The Parties Thereto Shall Have Come To Some Agreement. By This Is Meant That The Parties Are Of One Mind Upon Some Proposed Transaction, And That They Have Declared This Fact. The Purpose ...
John Smith 8
John Smith. 8. Indorsements In Blank.—if Wilson Indorses By Simply Signing His Name, The Instrument Is Said To Be Indorsed In Blank, And Becomes Payable To Bearer. It May Be Negotiated By Delivery. If, However, Ar Thur Jones Comes Into Possession Of It By Delivery To Him, And Indorses It ...
Master And Servant 1
Master And Servant 1. Definition.—the Relations Between Master And Servant Are In Many Respects Similar To Those Between Principal And Agent. Frequently The Words "serv Ant" And "agent" Are Used Interchangeably. Strictly Speaking, They Are Not Interchangeable; Tho Every Servant Is, In Executing The Duties Required Of Him Under His ...
Nature And Classification Of
Nature And Classification Of Contracts 1. Definition And General Features.—a Contract Is An Agreement By Which One Or More Persons Bind Themselves In Favor Of One Or More Other Persons To Give Or To Do Or Not To Do Something. It Is Essential To A Contract That There Be An ...
Negotiable Instruments In General
Negotiable Instruments In General 1. Introductory.—bills, Notes And Checks Are Nego Tiable Instruments—that Is, They Are Instruments Or Contracts, The Legal Right To Which Is Transferable From One Person To Another By Delivery Of The Instrument Itself. A Check, For Instance, Is Transferable By De Livery When It Is Payable ...
Operation And Interpretation Of
Operation And Interpretation Of Contracts 1. Rights And Liabilities Of Third Parties.—a Con Tract Is An Agreement Conferring Rights And Imposing Liabilities Upon The Parties To It. It Is Their Consent Which Has Made The Contract. A Creditor Can Demand Performance Of The Obligation From The Debtor Or His Representatives. ...
Preliminary Topics
Preliminary Topics Introduction.—in Recent Years Increasing At Tention Has Been Given By Business Men, And By Those Preparing For Commercial Careers, To A Study Of Mer Cantile Law. Not Only In Commercial Colleges, But In The Extension Courses Of The Larger Universities, A Se Rious Effort Is Made To Enable ...
Presentment And Notice Of
Presentment And Notice Of Dishonor 1. Presentment For Acceptance.--when A Bill Is Payable At Sight Or After Sight, Presentment For Ac Ceptance Is Necessary In Order To Fix The Maturity Of The Instrument: A Sight Bill Being Payable On The Third Day After Acceptance, And A Bill Payable After Sight ...
Principal And Agent 1
Principal And Agent 1. Definitions And Distinctions.—mandate Has Been Defined As A Contract By Which A Person, Called The Mandator Or Principal, Commits A Lawful Business To The Management Of Another, Called The Mandatory Or Agent, Who By His Acceptance Obliges Himself To Per Form It. The Acceptance May Be ...
Sales Performance Of The
Sales: Performance Of The Contract 1. Delivery Of The Goods.—the Principal Obliga Tions Of The Seller Are The Delivery And The Warranty Of The Thing Sold: Reciprocally, The Obligations Of The Purchaser Are To Receive The Goods And To Pay The Price. The General Rule Is, Where There Is No ...
Sales The Contract 1
Sales: The Contract 1. Definition.—a Sale Is A Contract By Which One Party Gives A Thing To The Other For A Price In Money, Which The Latter Puts Himself Under Obligation To Pay. Benjamin Defines Sale As A Transfer Of The Absolute Or General Property In A Thing For A ...
Transfer And Negotiation 1
Transfer And Negotiation 1. Methods Of Transfer.—in The Preceding Chapter We Have Examined The Definitions Of Our Subject, And Have Obtained Some Idea Of The Form And Contents Of Bills, Notes And Checks, And Of The Inception Of Negotiable Contracts. To Be Of Use, These Instru Ments Must Circulate, And ...
Warehouse Receipt 1
Warehouse Receipt (1) Means Any Receipt Given By Any Person For Any Goods, Wares Or Merchandise In His Actual, Visible And Continued Pos Session As Bailee Thereof In Good Faith And Not As Of His Own Property, And (2) Includes Receipts, Given By Any Person Who Is The Owner Or ...