A text-book on commercial law : a manual of the fundamental principles governing business transactions : for the use of commercial colleges, high schools and academies

13.2 MB·English

by  Clark, Salter S. (Salter Storrs), 1854-1935

A TEXT-BOOK
LAW
COMMERCIAL
A MANUAL OF THE FUNDAMENTAL PRINCIPLES
GOVERNING BUSINESS TRANSACTIONS
FOR THE USE OF
COMMERCIAL COLLEGES. HIGH SCHOOLS AXD ACADEMIES
BY
SALTED
(7<>iweZcM$B/
REVISER OF YoowfefsX^OVEKNMENT CLASS-BOOK
NEW YORK:
MAYNARD, MERRILL, & Co.,
29,31,AND33EAST NINETEENTHSTREET.
36
COPYRIGHT.1882.BYSALTEKS. CLABKL
IbW,BY SALTEB 3, CLARK
PREFACE.
THEdesignoftheauthorinthisvolumehasbeentopresent, simply
andcompactly, the principles of lawaffectingthe ordinarytransac-
tions ofcommerciallife, in theform ofa class-book forschoolsand
commercialcolleges. Youths who are soon to take an active partin
business matters should certainly know somethingofthe responsi-
bilitiestheyaretoassume, thelegalconsequences oftheiracts.
Thatheretoforethis subject hasformed buta small partoftheor-
dinary educational system, is due partly, perhaps, to the ideathat
lawis too weightyand intricate to be taught to theyoung. This
wouldbe sowere it taught atall indetail, ortechnically. But, itia
thought, a book confining itself to principles, stating them in the
plainest language, and presenting them asaconsistent and interde-
pendentsystem, would be useful.
Aknowledge ofprinciples is oftenthe onlyguide onehas, andit
mustbe useful because it indicates the general rule. Everyman
doesgovernhis actions, in business and elsewhere, uponsomeprin-
ciplesgained orstumbledupon inthecourseofhisexperience. But
itweremuchbettertohavethese, and manyothers which couldnot
belearnedfromexperience, plantedinthe mindwhileit wasplastic.
Experience also givesitsprinciples merelyasisolatedfacts; abook
does, orshould, givethemin theirproper relations, and showhow,
as isveryoftenthe case, what appears to beanexception to some
ruleisbutthe applicationofone more important. Again the study
of its principles must impressone with the fact that lawisin the
mainonlycommonsense andcommonmorality, aconviction which
Preface
is in itself a good guide, and sometimes in practical life the only
guideonehas.
Theplanofthebookisasfollows-.
Aftera short introduction upon the relations of National and
State law, and of constitutional, statute, and common law, it is
divided into twoparts. Part I. treatsofprinciples applicable toall
kinds of business, in three divisions treating respectively of Con-
tracts,AgencyandPartnership, withafourthdivision embracing Jhe
subject of Corporations and afew othersgeneral in their nature.
PartII. takes upin order the most prominent kinds of business
transactions, payingchief attention to the subjects, Saleof Goods,
andCommercialPaper, andisto alarge extentan application ofthe
principlescontainedin thepreceding part.
Afewchapters on real estate are added, as likelyto be useful,
thoughthesubjectisnotstrictlywithin the title ofthe book.
Thechiefaim hasbeen throughout to make ita book practically
useful, and one easily taught, understood, and remembered. As
subservingthosepurposes attention maybe calledto the following
features among others: the use ofschemes in graded type, which
summarizinga subject impress it upon the mind through theeye;
thesummariesofleading rulesat different points; a tableofdefini-
tions; theformsofbusinesspapers most frequently met with; and
thefrequentuse ofillustrations and cross-references.
Itissubmitted withthe hope that it may not be foundunsuited
toitsdesign.
SALTKK S. CLAKK.
CONTENTS.
ANALYSIS.
INTRODUCTION: SOUBCES OP LAW IN THE UNITED STATES.
PARTI. GENERALPRINCIPLESAPPLICABLE TO ALLCASES.
Div. I. GeneralPrinciplesofContracts.
Div. II. Agency.
Div. III. Partnership.
Div. IV. Corporations; Guaranty; Timeto Sue.
PART II. PRINCIPLES OF PARTICULAR CASES:
Div. I. Sale ofGoods.
Div. II. CommercialPaper.
Div. IIL Miscellaneous Cases.
REAL ESTATE.
Contents.
INTRODUCTION.
A GENERAL CONSIDERATION OP LAW AND ITS SOURCES.
PART
I.
GENERAL PRINCIPLES APPLICABLE TO ALL OASES.
DIVISION
I.
GENERAL PRINCIPLES OF CONTRACTS.
PAGE
Chapter I. Description of Contracts; their BindingForce.. 17
Chapter II. RequisitesofaBindingContract 20
a. Relatingto theNatureof the Contract.
b. Relatingto Outside Circumstances.
Chapter III. Illegal Contracts 24
Chapter IV. Personsnot able to Contract 27
Chapter V. Assent toa Contract 29
Chapter VI. Consideration 32
Chapter VII. Fraud andDeceit 84
a. FraudbetweentheParties.
5. FraudonThirdParty.
ChapterVIII. Written Contracts 80
a. Classesrequiring"Writing.
b. WhatWritingsufficient.
Chapter IX. RemediesforBreachofContract 41
DIVISION IL
AGENCY.
Chapter X. Agencyin General 48
Chapter XL Responsibility of Principal ,x 51
a. Principal'sRelation toAgent.
b. Principal'sRelationto ThirdParty.