Profits expected to arise from merchan dise employed in maritime commerce are a proper subject of insurance in England nd In the United States; 3 Kent 271; Fl .ti) •b v. Ins. Co., 16 Pick. (Mass.) 399. So in ltal4 • Targa, cap. xliii. No. 5; Portugal; Santerna, part iii. No. 40; and the Hanse Towns; ^It Magnus 213; Beneck, Ass. chap. 1,`sect. "pool. 1 p. 170. But in France; i Code Comm,. an. 347; Holland ; Rynk ershoel kufest. Priv. Jur. lib. iv. c. 5 ; and in Spa except to certain distant parts; Ordinanzag de Bilboa, ch. xxii. art. 7, 8, 11; ft Is illegal to insure expek.tk,r1 profits. _Such insurance is required by the course and in terest of trade, and has been fthInd to be greatly conducive to its Prosperity; 3 Kent 271; 2 East 544; 1 Arn. Ins., 6th ed. 37, 205. Sometimes the profits are included in t valuation of the goods from which they are expected to arise ; sometimes they are insured as profits ; Mumford v. Hallett, 1 Johns. (N. Y.) 433; Patapsco Ins. Co. v. Coulter, 3 Pet. (U. S.) 222, 7 L. Ed. 659; 6 E. & B. 312. They must be insured as profits ; May, Ins. § 79. , They may be in sured equally by valued and by open poli cies; 3 Camp. 267., But it is more judicious to make the valuation; Mumford v. Hallett, 1 Johns. (N. Y.) 433; 3 Kent 273. The in sured must have a. real interest in the goods from which the profits are expected; 3 Kent 271;' but he need not have the absolute Property in them; French v. Ins. Co., 16 Pick. (Mass.) 397, 400. See INSURANCE.
A trustee, executor, or guardian, or other person standing in a like relation to an other, may be made to account for and pay all the profits made by him in any of the concerns of his trust, as by embarking the trust funds in trade; 1 Story, Eq. Jur. 465 ; 2 Myl. & K. 66, 672; Lindl. Part., Am. ed. 523; 2 Will. Exec. 139; Callaghan v. Hall, 1 8. & R. (Pa.)' 245; 1 Maule & S. 412; 2 Bro. C. C. 400; Jennison v. Hapgood, 70 Pick.. (Mass.) 77.
The expected profits of a special con tract may be reckoned as a part of the damages for a failure to fulfil it, where it appears that such profits would have ac crued from the contract itself as the direct and immediate consequence of, its fulfil ment; Philadelphia, W. & B. R. Co. v. HOW ard, 13 How. (U. S.) 307, 344, 14 L. Ed. 157; FoI v. Harding, 7 Cush. (Mass.) 516; 8 Exch. 401; Hawley v. Corey, 9 Utah '175, 33 Pac. 695; Harter Medicine Co. v. Hopkins, 83 Wis. '309, 53 N. W. 501. But where the profits are such only as Were expected to re suit from other independent bargains actually entered into on the faith of such special contract, or for the purposes of fulfilling it, or are contingent upon future bargains or speculations or states of the market, they are too remote and uncertain to- be relied upon as a proper• basis of damages ; Phila delphia, W. & B. R. Co. v. Howard, 13 How.
(U. S.) 307, 344, 14 L. Ed. 157; Bridges v. Stickney, 38 Me. 361; Fox v. Harding, 7 Cush. (Mass.) 516; Masterson v. Brooklyn, 7 Hill (N. Y.) 61, 42 Am. Dec. 38; 13 C. B. 353. Profits may be recovered as daniages for the breach of a contract, where they are not uncertain or remote, or where, from the terms of the contract itself or the' special circumstances under which it was made,F4t may be reasonably presumed that they were within the 'intent unders uding of both parties at the time the contr ct was inode; Howard v. Mfg. Co., 139 U. S. 1199, 11 up. Ct. 500, 35 L. Ed. 147; A4vil IQ. CO.
v. Humble, 153 U. S. 549, 14 Sup. Ct. 876, 38 L. Ed. 814.
See MEASURE OE DAMAOES ; PATENT; DIVI DENDS.
A purchaser is entitled to the profits of an estate from the time 'fixed upon for com pleting the contract, whether he does or does not take possession; 2 Sugd. Vend. ch. 16, sect. 1, art. 1; Baxter v. Brand, 6 Dana (Ky.) 298; Buchanan v. Lorman, 3 Gill (Md.) 82.
In a late case,' the profits to which a pat entee is entitled in equity against an in fringer are thus classified: (a) Where the infringer has sold or used a patented article, the plaintiff is entitled to recover all of the profits. (b) Where a patent, though using old elements, gives the entire value to the combination, the plaintiff is entitled to recover all the profits. Hurl but v. Schillinger, 130 U. S. 456, 472, 9 Sup. Ct. 584, 32 L. Ed. 1011. (c) Where profits are made by the use of an article patented as an entirety, the infringer is liable for all the profits unless. he can show—and the burden is on him to show—that a portion of them is the result of some other thing used by him. Elizabeth v. Pay. Co., 97 U. S. 126, 24 L. Ed. 1000. (d) But there are many cases in which the plaintiff's patent is only a part of the machine and creates only a part of the profits. In such case, if plain tiff's patent ohly created a part of the prof its, he is only entitled to recover that part of the net gains; Westinghouse Electric & Mfg. Co. v. Mfg. Co., 225 U. S. 604, 32 Sup. Ct. 691, 56 L. Ed. 1222, 41 L. R. A. (N. S.) 653.
Under what circumstances a participation in profits will make one a partner in a trade or adventure, see PARTNERSHIP.
That state of a business which is neither the commencement nor the end. Some act done after the matter has commenced and before it is completed. Piowd. 343. See CONSUMMATION; INCEPTION.