books



previous page: Handbook Of The Law Of Contracts | by Wm. L. Clark, Jr.
  
page up: Business Law Books
  
next page: The Law Of Contracts | by John William Smith, Vincent T. Thompson, John Douglass Brown, Jr.

Business Law - Case Method | by William Kixmiller, William H. Spencer



A systematic non-technical treatment of business law in story and case form.

TitleBusiness Law - Case Method
AuthorWilliam Kixmiller, William H. Spencer
PublisherCommerce Clearing House
Year1915
Copyright1915, Commerce Clearing House
AmazonBusiness Law: Text and Cases

Seven Volumes

Prepared under the Editorial Supervision of William Kixmiller, Ph.B., J.D. And William H. Spencer, Ph.B., J.D.

Authors: William KixMiller, Ph. B., J. D. (The University of Chicago). William H. Spencer, S. B., J. D., The University of Chicago Eugene Tincher, Ph. B., J. D. - (Leland Stanford Jr. University) Paul N. Dale, A. B., LL. B. - (Harvard University). Matthew L. Thurston, A. B. - - - - (Cornell University Arnold Baar, Ph. B., J. D. - - (The University of Chicago) Howard Ellis, Ph. B. - (The University of Chicago). Royal K. Thomas, A. B. - (Kenyon College)

Business Law - Case Method. Story Form

Ruling Court Cases

Volume 1. Contracts.

Volume 2. Persons. Domestic Relations. Agency

Volume 3. Partnerships. Corporations.

Volume 4. Bills, Notes and Checks. Banks, Banking And Trust Companies

Volume 5. Sales. Suretyship. Insurance. Real Property

Volume 6. Common Carriers. Bailments. Interstate Commerce. Index. Business Law - Case Method.

Volume 7 - (a) Business Legal Forms: Contracts, Bonds, Deeds, Mortgages. Trust Agreements, Corporations, Charters. By-Laws, Minutes, Partnerships. Acknowledgements, Affidavits.

(b) Federal Business Laws: Federal Trade Commission Act. War Revenue Act. Clayton Anti-Trust Act. Income Tax Act. Federal Reserve Bank Act.

(c) Workmen's Compensation Act: Index.

-Foreword
The CASE METHOD of teaching law was introduced at Harvard University by Professor Langdell, and is often known as The Harvard Case System. Professor Langdell collected ruling court cases on Contrac...
-Contracts. I. The General Nature Of A Contract. 1. The Essentials Of A Contract. A. There Must Be Two Parties
Story Case George Williams was the San Francisco representative of Counselman and Bingham, bankers. When Counselman and Bingham placed an issue of California public service bonds on the market, Wi...
-B. There Must Be Mutual Assent Of The Parties
Story Case Mr. Judson owned a large farm in southern Illinois. He decided that he would discontinue his farming and move to Chicago, if he could dispose of his property. He told a neighbor, Mr. Jon...
-C. There Must Be A Distinct, Common Understanding
Story Case Mr. Brandon, a dealer in grain, had in his warehouse a large quantity of wheat, which he was attempting to sell as soon as possible. He wrote a letter to the American Milling Company, in...
-D. There Must Be A Proposal Which Results In A Promise Or An Act When Accepted
Story Case Henry Nightingale in a letter to his nephew, John Nightingale, promised to pay or give him $500 on his next birthday. John received the letter and thanked his uncle for the promised gift...
-E. There Must Be An Active Intention To Accept The Proposal
Story Case George Hanson conducted a poultry farm in a small suburban town near the city of Chicago. For many years he had been accustomed to deal with the Franklin Street Produce Company. He would...
-2. Contract Classified. A. Contract May Be Under Seal Or May Be Simple. (1) Sealed Contracts
Story Case Mr. Joseph Mcintosh had a nephew, Henry, of whom he was very fond. When Henry was eighteen years of age, his uncle made out and delivered to him the following note: When my nephew, H...
-(2) Simple Contracts
Story Case Harry Branscomb, who owned a number of fine horses, promised to give one to his brother Frank after a few weeks. Frank insisted that the promise should be put in writing, because he fear...
-B. Contracts May Be Express Or Implied. (1) Express Contracts
Story Case Mr. William Mason was a farmer who raised a large amount of wheat. A few weeks before the wheat was ripe, the Minneapolis Milling Company sent an agent down to purchase the grain for del...
-(2) Implied Contracts
Story Case Dr. Jones was a veterinary surgeon who practiced his profession in the city of Chicago. During one summer he spent his vacation on a farm owned and managed by his brother. While there, a...
-C. Contracts May Be Executed Or Executory. (1) Contracts Executed In Part
Story Case Mr. Milton Jenkins secured a painter to paint his house. He promised to pay him $125 for the work and material when completed. The painter proceeded to do the work. When he had finished...
-(2) Executory Contracts
Story Case Andrew Worsley, a brick dealer, and Richard Crane, a construction contractor, entered into a written contract by which Worsley agreed to sell Crane ten thousand brick, and Crane promised...
-D. Contracts May Be Unilateral Or Bilateral. (1) Unilateral Contracts
Story Case The Monroe Trust Company of New York sent a telegram to the Brewster Stock and Bond Company of Boston, offering to buy one hundred shares of the Pennsylvania Railroad Company stock, prov...
-(2) Bilateral Contracts
Story Case Richard Bates and Howard Sherman made a contract whereby Bates agreed to build a home for Sherman within four months time. Sherman agreed to pay Bates $2,000 for the completed house. Fou...
-II. The Formation Of A Contract. 1. The Requisites Of Form. A. Oral Contracts Are Generally Enforcible
Story Case Henry Davis, a private banker, said to George Hale, one of his salesmen, George, if you will work the balance of this year on your present salary, and sell as many bonds during the next...
-B. Contracts May Be In Writing. (1) A Written Contract May Be Stipulated
Story Case Amos Hendy, an accountant, signed a contract to work for the Northern Securities Company for one year at two hundred dollars a month. In this contract, which was also signed by the compa...
-(2) No Particular Form Is Necessary
Story Case Thomas Malley brought suit against Edward Baird upon the following document which Malley claimed was a contract. Agreed that I will sell Baird my two white horses for $150 each. T...
-(3) An Agreement May Be Partly In Writing And Partly Oral
Story Case George Jackson, in a letter to Henry Owens, offered to work for him as an accountant for six months, provided Owen desired his services. Nothing was stated in the letter concerning his s...
-(4) A Written Contract Need Not Be Signed
Story Case Prior to January, 1914, John Herman and James Malaney were negotiating with reference to the trade of Herman's automobile for a piano belonging to Malaney. During the last week of Decemb...
-(5) Agreement Signed By One Party And Acted On By The Other Is A Binding Contract
Story Case The Southern Construction Company acquired a contract to do certain street paving in the town of Memphis, Tennessee. Therefor the Illinois Paving Brick Company sent the construction comp...
-C. Contracts Required To Be In Writing Under The Statute Of Frauds. (1) Contracts Within One Division Of The Statute
Story Case Harry, the adult son of Mr. John Campbell wished to buy an airship, but was not possessed of sufficient funds. The American Airship Company refused to sell him a machine on credit unless...
-(2) Contracts Within The Other Division Of The Statute Of Frauds
Story Case Mr. Deever, an old English gentleman, ordered a pair of false teeth from a London dentist and agreed to pay eleven pounds for them after three months. The dentist took his measurements, ...
-(3) The Statute Requires The Writing To Be Signed By The Party Under The Obligation
Story Case Mr. Edwards signed the following paper in consideration of the promise of the Electric Piano Company to deliver an electric piano. I, Jonathan Edwards, promise to pay ten dollars ($10...
-(4) Failure To Comply With The Statute Makes The Contract Unenforcible In Court
Story Case Bass. & Co., grain merchants, agreed orally to pay the plaintiff, Mr. Weaver, $500 for his threshed wheat. Later they refused to buy his wheat and assigned no lawful reason for the refus...
-D. Contracts May Be Under Seal. (1) The Seal Makes It Binding
Story Case Lord Roaksby said to his old servant, James: James, I promise to give you a thousand pounds next week as a gift, in addition to your regular salary. But before the next week, Lord R...
-(2) No Particular Device Is Necessary For A Seal
Story Case Gustav Hamil habitually signed his name with a flourish. He signed a contract to work for Dass and Company for three years at the sum of $1,000 a year, in the following form: I, Gust...
-2. Parties To A Contract. A. There Must Be Two Or More Competent Parties
Story Case During the war with Spain, Signor Amarillo, then living in New York City, made an agreement with Cas-sidy Brothers to deliver to them 500 bales of cotton from his plantation in South Car...
-3. Mutual Agreement. A. There Must Be An Offer. (1) Negotiations Do Not Constitute An Offer
Story Case The following advertisement appeared in the county paper for several days: I am looking for a buyer for my family horse, Bess. She is six years old, perfectly broken, and I trust my ...
-(2) The Offer Must Be Communicated To The Offeiee
Story Case Horace Falk, a private detective, saw a face in a crowd of people which he had seen in the Rogues' Gallery and had recognized as that of a manwanted for a bank robbery committed in 191...
-(3) An Offer May Be Made To The Public
Story Case In Coyote, Montana, a handbill to the following effect was posted: $500 reward for the arrest and conviction of the man or men who stole the horse of the undersigned from his stable on t...
-(4) An Offer By Telegram Or Letter Is Complete When The Message Is Received
Story Case Alderson Brothers, brokers in New York City, sent their Chicago representative to the firm of Barnwell & Co. in Chicago, to negotiate for some wheat which Alderson Bros, needed very badl...
-(5) An Offer May Be One Of Four Kinds. A. An Offer Of An Act For A Promise
Story Case Praffron Juiner, a carriage maker, said to Hertes Ilnow: I'll paint your carriage for $15.00. Ilnow replied: All right, Praffon, I'll send it around and pay when it is finish...
-B. An Offer Of A Promise For An Act
Story Case Farmer Hillhouse needed to have his orchard pruned. He made the following offer to Poncar Buskins, who was an experienced pruner: If you will prune my orchard, I will pay you $3 a da...
-C. An Offer Of A Promise For A Promise
Story Case Silas Hightower, a farmer, said to Buskin, a laborer, Buskin, if you will work for me for three months, I'll pay you $20 a month. You will start work next week and until that time do no...
-D. An Offer Of A Promise Conditional Only On Mere Assent Of Other Party Must Be Under Seal
Story Case Howard Engle drew up the following instrument: In ten days I shall convey to my son-in-law, John Mitchner ten acres of land on the bank of Walnut Creek. (Signed) Howard Engle. (Seal...
-(6) An Offer Must Be Certain
Story Case Barford & Company, grain merchants, wrote the following to David Ellis, a farmer: If yon will promise to sell us all the wheat yon raise this year, we will promise to buy it. Ell...
-(7) The Terms Of The Offer May Not All Be Communicated. A. Unexpressed Terms
Story Case Peters & Stone were egg dealers in Chicago. On January 5,1915 they made the following contract with Jones & Company, commission merchants: Jan. 5, 1915. We promise to deliver to Jones...
-B. Usages And Customs Of Trade
Story Case Many establishments permit 2 per cent off for cash within thirty days. That is, if the goods sent per contract are paid for within thirty days, a discount of 2 per cent on the contract p...
-C. Terms On A Document Unread But Known To Be There By The Other Party
Story Case Mr. Johnson went into the office of the Western Union Telegraph Company for the purpose of sending the following message: J. L. Jenkins, Mobile, Alabama. Purchase all cotton possible...
-D. Terms On The Document Unknown To Be There By The Other Party
Story Case Mr. Jacob Filimore of South Bend, Indiana, intending to go to Pittsburg, purchased a ticket from the Lake Central Railway Company, on the 15th of June, 1914. At the last moment, because ...
-E. Terms Not Readily Discernible
Story Case Henry Story bought a horse from the Sioux City Horse fair, a corporation. The agent of the corporation misrepresented the intrinsic worth of the animal so that Story lost $100 in the tra...
-F. Terms Issued In A General Notice
Story Case Hakins, an auctioneer, caused signs to be put up in his rooms which read: Notice! Terms are Cash. Thomas bid in a horse for $200, and when he proposed taking the horse away, he offe...
-G. Terms Stipulated After The Agreement Is Made
Story Case Harvey & Company had entered into a contract to sell Mr. Good a consignment of hemp to be delivered July 30, 1914. On July 15,1914, Harvey & Co. realized that they would be unable to d...
-(8) An Agreement To Hold An Offer Open Is An Option
Story Case Henry Mock wished to buy some horses which John Armstrong desired to sell. But Mock had not entirely decided whether he should buy one or two teams. On Thursday, in a conversation with A...
-(9) An Offer Terminates. A. By Merger Into Contract
Story Case Whelpley and Keefe Brothers were negotiating by mail for the sale of a carload of brick. On February 3, 1915, Keefe Brothers made the following offer to Whelpley by mail: We will sel...
-B. By Expiration Of The Time Designated
Story Case Hays owned a fine racing horse which he wished to sell at once. He made this offer to Brown by mail: I will sell 'Bess' to you for $1,000 if you will apprise me of your decision by t...
-C. If No Time Is Designated, An Offer Terminates Within A Reasonable Time
Story Case Thomas Platt made the following offer to the shippers firm of Thiom and Co.: Oct. 5,1914. I will sell you the brig 'Nancy' for $300,000. (Signed) Thomas Platt. Thiom & Co. mad...
-D. By Death
Story Case Colonel Watergin, a native of North Carolina, offered his slave Jonah to Mr. George Therfad for $400, before the Civil war. On the next day, the Colonel was killed in a duel. Mr. Therf...
-E. By Conditional Acceptance
Story Case Silas Defor offered his fast trotting horse to Hohn Hostetter for $250. Hostetter was a notorious horse trader and tried to secure a better bargain. Defor said: I won't take a cent l...
-F. By Revocation
Story Case Pat O'Keefe decided to sell the piano that he had purchased for his little daughter, and inserted the following offer of sale in the daily paper: I will sell my Jones upright piano f...
-B. There Must Be An Acceptance. (1) Acceptance Changes The Offer Into A Contract
Story Case David Humphry offered his Jersey cow to Mr. Rowan for $85 and stipulated that the offer was to be open for only three days. On the very next day, Mr. Rowan stated to Humphry that he acce...
-(2) When Offer Specifies The Time, An Acceptance After That Time Is Of No Effect
Story Case The Turkish government wished to buy some cannon from the Hupps. The latter made the Turkish representative an offer for some new style cannon, but the representative was compelled to ge...
-(3) When No Time For Acceptance Is Made, A Reasonable Time To Accept Is Implied
Story Case The Good Strawberry Company made the following offer to Friend Brothers, commission merchants: February 1, 1915. We will sell you a carload of ripe Florida strawberries for the curre...
-(4) Acceptance Must Be An Overt Act. A. Acceptance Must Be Communicated
Story Case Mr. Radnitz circulated handbills with the following notice: I offer my threshing machine for sale for the price of $500. (Signed) Joseph Radnitz. The next day, Gerhart drove t...
-B. If Acceptance Is Made In Manner Required, It Is Not Material If It Is Never Received
Story Case In the Kentucky mountains there was formerly no United States mail, so James Tullifer, who had some corn for sale, wrote to the miller, Hobes: December 16, 1845. Dear Sir: I have f...
-C. Acceptance By Post Or Telegraph Complete When Posted Or Telegraphed
Story Case Harry Mills wrote to Frank Jones and offered some posts for sale at the market price. As soon as Jones received the offer, he wrote a letter of acceptance. This letter was lost in transm...
-D. An Offer May Require Actual Receipt Of Acceptance
Story Case Lester Bonham wrote the following letter to the Farnam Buggy Company: Feb. 18, 1910. Gentlemen: I have for sale a new carriage of my own make which I will sell to you at the same pri...
-(5) Silence Alone Is Not An Acceptance
Story Case The Ferry Monthly Magazine sent the following offer to Lopert: July 18, 1913. My Dear Sir: Your subscription to our magazine has expired and, unless we hear to the contrary from you,...
-(6) Acceptance Must Be By The Person To Whom The Offer Is Made
Story Case A crowd of farmers was congregated around a country store and Farmer Hikey said to John Smalley: If you need a binder, I will sell one to you for $40. Wilson Hight heard the offe...
-(7) A General Offer May Be Restricted In Acceptance
Story Case The Baily Mills Company inserted the following advertisement in the county newspaper: In order to get our name before the people, we are offering to the farmers of Fayette County, se...
-(8) Acceptance May Be One Of Two Kinds. A. Acceptance May Be By A Promise
Story Case Jen & Company, dealers in school books, was negotiating for its season's supply of books when the Plymouth Press wrote it the following letter: January 1,1915. We offer to furnish yo...
-B. An Acceptance May Be An Act
Story Case K. L. McFadden lost his pedigreed bull dog. He inserted the following advertisement in the daily paper: 50 Dollars Reward I will pay $50 to the person who returns my bull dog befor...
-(9) The Power, But Not The Right, To Withdraw An Offer, Exists After Acceptance
Story Case Deebe Fraser said to his nephew: If you will make a trip to the Mardi Gras Festival in New Orleans, I will pay your expenses. The nephew, John Fraser, said that he would make the tr...
-C. There Must Be Contractual Intention. (1) The Parties Must Intend To Bind Each Other In A Legal Manner
Story Case Harry Arlington, a club man in Chicago, invited his friend, Bagby Smith, to a reception to be given by Arlington in his exclusive club. Smith had no evening clothes but, in view of the i...
-(2) Relationship Or Membership In A Family Indicates Lack Of Contractual Intention
Story Case When Harold Bingham, a young man of twenty-two years returned from college in June, 1914, his father said: Well, Harold try yourself with the plow; let us see whether school has been wo...
-(3) An Offer Made In Jest Cannot Be Accepted In A Legal Sense
Story Case As Wright Shannon walked along the street one day in December, some practical joker knocked off his hat with a snowball. Shannon became very angry, but when he learned that it had been d...
-(4) A Proposal Made Without Intention To Contract Cannot Be Accepted In A Legal Sense
Story Case Bernard Buck had planted in his back yard some sweet peas, of which he was very fond. One morning he found that some unprincipled person had torn them up. He became very angry and shoute...
-(5) A Proposal Made Without Contractual Intention May Be Accepted, In Case The Other Reasonably Believes That It Is Made In Earnest
Story Case Someone had entered the First National Bank and had scattered papers over the floor and spilled ink. The directors learned that the mischievous son of the president had done it, and, wit...
-(6) An Invitation To Bid Cannot Be Turned Into A Promise By An Acceptance
Story Case S. B. Somerby was about to put up a fireproof barn of the latest design and he inserted in the leading architectural magazines that bids would be now considered. The Portland Cement Comp...
-(7) Railroad Time Tables Are Subject To Acceptance
Story Case The Y. L. & W. Railroad Company announced in its recent time table that the fare from Jonesboro to Kellesburg would be $5.78. But when Adam Board-man went to purchase his ticket, the age...
-4. Consideration In A Contract. A. Consideration Is The Moving Force Of A Contract
Story Case Hilery DeFort, an old gentleman who was closely allied with some of the best families of England, . promised, in writing and in the presence of witnesses, that he would give his nephew, ...
-B. Every Contract, Not Under Seal, Requires A Consideration
Story Case Beyle Brothers sent the following offer to Herdly & Co.: Jan. 3, 1915. Gentlemen: We offer you a price of $1.02 for a carload of wheat. This offer to remain open till noon of Jan...
-C. The Adequacy Of The Consideration Is Not Material
Story Case John Waters found a stone he thought might be of some value, although he neglected to ascertain its exact worth. He went to Islam & Abraham, dealers in precious stones, and offered the ...
-D. Consideration Need Not Be In Money Or Money Value
Story Case Farry Shoen wanted his nephew, who was attending college, to refrain from playing football and made him the following offer: Oct. 1, 1914. If my nephew, Kermit Shoen, will promise to...
-E. Consideration May Take One Of The Following Forms. (1) In A Bi-Lateral Contract It Is A Promise For A Promise
Story Case Welton, Baker & Company, wholesale coal dealers, wrote the following letter to The Cherry Red Brick Company: January 2, 1915. Gentlemen: We offer yon steam lump coal at $3 per ton...
-(2) In Unilateral Contracts, It Is The Act Of One Party For The Promise Of The Other
Story Case Frank Johnson said to Eph Kilkot: I'll give you five dollars when you dig the two post holes for the new gate I'm putting up. Eph responded,All right, I will dig them. The next da...
-F. There May Be A Good Consideration. (1) In A Compromise
Story Case The Buckeye Laundry Company had an agent in the town of Jefferson who transacted a large amount of business for them. Several hundred dollars were often in his possession each month and ...
-(2) In A Composition With Creditors
Story Case The Middlesex Grocery Company was financially embarrassed, and there was a possibility that the firm would be compelled to go into bankruptcy. To prevent this, the creditors assembled an...
-(3) In The Force Of A Previous Request
Story Case Phillips Ward and Thomas Byron, a painter, had some negotiations regarding the painting of Ward's fence. Before terms were agreed upon, Byron was certain that he could please Ward. He br...
-G. There Is No Consideration. (1) In The Promise To Perform What One Is Bound To Do
Story Case Charles Abbott, a bridge builder, made a contract with Frank Bates, to build a bridge. Abbott agreed to complete the work within four months, and Bates agreed to pay him $5,000. At the e...
-(2) Where There Is Impossibility Of Performance
Story Case Having been arrested for confidence game alleged to have been played upon a stranger in the town, James Howell employed Simon Sawyer, a friend, to defend him in court. Howell agreed to p...
-(3) When The Undertaking Is Gratuitous
Story Case H. L. Ailing was running for the office of sheriff of Boss County. He had been campaigning extensively in the southern end of the county when one of his friends came to him and said, Ai...
-(4) Where The Act Has Been Previously Performed On One Side
Story Case Edward Latham lost all his wealth in a speculation and was forced to accept the charity of his friends. A certain Dr. Hargis promised Latham that he would be responsible for his livin...
-(5) In A Moral Obligation
Story Case Abel Davis risked his life, and suffered severe injuries, in rescuing James Tilloson's daughter from his burning home during Tilloson's absence from the city. When Tilloson returned, he ...
-(6) In A Promise That Is Too Vague
Story Case The Style-No-Better Haberdasher Store, owned by Lawrence Dunlap was for sale. George Ulman desired to purchase it but he and Dunlap could meet on no definite terms. However, as each of t...
-(7) In A Promise To Discharge The Balance Of A Debt On Payment Of Part
Story Case Leland Culhan owed George Getz the sum of $60. The day of payment was long past and still Culhan was unable to pay. Finally Getz came to Culhan and said, Culhan, you are in mighty bad l...
-H. An Obligation Unenforcible By Some Rule Of Law Will Be Revived By A New Promise
Story Case On June 1, 1907, Reeve Hammon made a note payable to John Patch in one year. When the year was up, the note was not renewed nor did Hammon pay it. On June 3,1914, Patch recalled that the...
-III. Consent Of Either Party Must Be Real. 1. There May Be Lack Of Consent Because Of Mistakes. A. Mistake As To The Nature Of The Contract
Story Case Mr. Joshua Jacobs was a very old man and could not see very well. One day, Mr. Vassermann called upon him and asked him if he wished to purchase shares of stock in a corporation which he...
-B. Mistake As To The Person With Whom The Contract Is Made
Ruling Law. Story Case Answer In New York City, there were a number of persons by the name of Walter Jones. It chanced that two persons of that name had offices in the same building. Will Davis, of...
-C. Mistake As To Thing About Which The Contract Is Made. (1) As To Its Existence
Story Case Mr. Gerald Candler, who lived in Chicago, owned a farm in the state of Indiana. He was the owner of a fine racing horse, which he kept on his farm. Mr. Maxwell, a friend of Mr. Candler, ...
-(2) Mistake As To Its Identity
Story Case McCormik, a dealer in sailing boats, had two sloops named Queen. One was an old one and the other was a new one of the latest model. He sold the old one to H. C. Coar. Several days ...
-(3) Mistake As To Quality
Story Case Howard Cameron had a cargo of mahogany for sale. He thought the mahogany was of the very best grade and he priced it according to this assumption, although he did not tell any prospectiv...
-2. There May Be Lack Of Consent Because Of Misrepresentation. A. Misrepresentation Does Not Affect Reality Of Consent At Law
Story Case John Dixon was a cotton grower in southeastern Georgia. After he had had his cotton ginned and baled, he found that he had approximately a thousand pounds of unginned cotton left. As thi...
-B. Misrepresentation In Land Contracts
Story Case Mr. Lyle owned a tract of land known as Blackacre. Upon the marriage of his son, James, he made a conveyance of this tract to him. At that time he told his son that Blackacre contained 2...
-C. When Made By One Who Stands In A Confidential Relation
Story Case Jacob Wise was the guardian of Edward Hilton, who had a substantial inheritance. After Hilton became twenty-one and while Wise was still acting as guardian, Hilton offered to purchase a ...
-D. When Made Carelessly, Misrepresentations Amount To Fraud
Story Case The Hepp Hardware Co. sold a binder to F. E. Small, a farmer. The company said that it would bind over 50 acres per day. On the faith of this representation Small purchased the binder. B...
-3. There May Be Lack Of Consideration Because Of Fraud. A. There Are Five Characteristics Essential To Fraud. (1) There Must Be A Misrepresentation Of Fact
Story Case J. Swan, a promoter, in inducing Frank Black to invest in some Florida land, said that the investment in his opinion would surely make one hundred per cent in a couple of years. At the e...
-(2) There Must Be A Knowledge Of The Falsity Of The Wrong-Doer
Story Case On January 4, 1915, the five directors of the Springfield First Trust Bank, including Herbert Keene, met in annual directors' meeting to consider the affairs of the bank, and to sign off...
-(3) There Must Be Intention To Have The Party Rely On The Untruth
Story Case Zeke Gilpin tried to sell his standing lumber to the Willis Mills. He intentionally represented that there were 500 acres of walnut timber, knowing all the time that there were only 375 ...
-(4) There Must Be Actual Reliance On The Untruth
Story Case The Ideal Studios, in New York City, had for sale paintings by old masters. They had a Titian which they wished very much to sell, because it kept a large amount of money invested. John ...
-(5) There Must Be Loss Suffered From The Deception
Story Case On November 15, 1914, George Craft, the president of the Western Car Corporation, represented to George Knight that the stock of that corporation was worth $75 a share, because of certai...
-B. Fraud Gives The Injured Party Right To Avoid The Contract
Story Case Floyd Huffcut, a stock and bond salesman, represented to Joseph Mechem that the Idaho Electric Company owned franchises to furnish light for ten towns. In reliance on this statement, Mec...
-4. There May Be Lack Of Consent Because Of Duress
Story Case Dan McGrew was the owner of a large tract of land near the Micaba River. But Holborn K. Axford owned the land between the land of McGrew and the river. For many years, McGrew had sought ...
-5. There May Be Lack Of Consent Because Of Undue Influence
Story Case Henry Harper was supporting his uncle, Major Hik-ens, because the uncle was a very old man and was reputed to be worth considerable money. To his disappointment, Harper learned that the ...
-IV. The Object Of The Contract Must Be Legal. 1. Contracts May Be Made Illegal By Statute
Story Case While Maine was a dry state King Bainter made the following contract with William L. Tate: In consideration of $35 to be given, I, King Bainter, promise to sell to William L. Tate ...
-2. Contract May Be Illegal Because Of The Common Law. A. Contrary To Public Policy
Story Case Elizabeth Hills, a woman of approximately thirty-five years, agreed with George G. Johnson, an old man of seventy-one, that she would keep house for him, never marry, and take care of hi...
-B. Contrary To Rules Of Common Law
Story Case In the days when the gold brick fraud was often practiced on the unwary, Katz and Lamb agreed to split the proceeds of all the money they could fleece from victims. It was agreed that ...
-3. Effect Of Illegality Of The Contract. A. When The Contract Is Severable
Story Case J. F. Gooderl, a druggist, sold a box of Havana cigars and a bottle of whiskey to Martin Cox; charging $4 for the cigars and $0.75 for the whiskey. Owing to the local option liquor law, ...
-B. When The Contract Is A Unity
Story Case A. D. Fernald, a druggist, made a contract of sale of whiskey and playing cards to H. K. Clark. He had no license to sell the liquor and this was known to Clark. Both these men had often...
-C. The Court's Action On An Illegal Contract
Story Case The Western and Indiana Railroad Company paid William Anson, an attorney, $10,000 under an agreement whereby he promised to use this money to improperly influence the passing of a law at...
-V. Contracts May Be Discharged. 1. By Agreement. A. Waiver
Story Case The Lowenthal Shoe Company agreed to deliver a consignment of shoes to Gilbert Shaw in return for his promise to pay for the same. Delivery was to be made on the 18th of September. On th...
-B. Substituted Agreement
Story Case Strother Eastman promised to sell his typewriter to H. E. Gunn for $50. Later, Gunn decided that he did not want the machine, although he said that he would take it if Eastman insisted. ...
-C. By A Provision In The Contract
Story Case Franklin Griswold, a famous portrait painter, agreed to paint a picture of the dead child of Eaton L. Walker. It was agreed that Walker would not have to take the picture of the child un...
-2. By Performance A. Payment
Story Case W. L. Grubb, of Rochelle, Illinois, ordered a suit of clothes from a Chicago clothing company. The company made the suit in accordance with measurements taken, forwarded the suit to Mr. ...
-B. Tender
Story Case Mr. Van Revel and Mr. Millikan owned summer homes near Lake Geneva. Mr. Millikan owned a small sail boat, which he desired to sell. He offered it to Mr. Van Revel for $950. The latter re...
-C. Substantial Performance
Story Case Mr. J. H. Alverson prepared the specifications for building a barn, and submitted them to George McDonald, a carpenter. After looking them over, the latter agreed to build the barn for t...
-3. By Breach. A. Renunciation Before Time For Performance
Story Case Mr. Julius L. Rink was the owner of a department store in Bloomington, Illinois. He had always managed the business himself. But in January, 1915, he decided that he would retire from ac...
-B. Renunciation In The Course Of Performance
Story Case Mr. J. W. Stevens, owner and proprietor of a moving picture theater, engaged Miss Myrtle McElroy to play a pipe organ in his theater. He engaged her for one year, and agreed to pay her t...
-4. By Impossibility
Story Case The Kewanee Brewery Company, in January of 1914, contracted to furnish W.E.Murphy, a local saloon proprietor, all the beer that he should need in his business for the year 1914, at a ce...
-Persons. I. Infants. 1. Period Of Lnfancy
Story Case John Jones was born on September 28, 1880. On September 27, 1901, he agreed to buy a city lot from Fred Smith, a real estate agent. By this agreement which was made in writing, Jones was...
-2. Contracts Which Can Be Avoided. A. Voidability
Story Case Clyde Mason, a young man of nineteen years, had a considerable amount of money which he wished to invest in real estate. He went to Charley Tatum, who owned a very fine farm, and offered...
-B. Disaffirmance During Minority
Story Case Clifford Malone, a boy of the age of fifteen years, wished to buy a bicycle. His father refused to buy it for him. He worked for several months, saved his money, and without consulting h...
-C. Disaffirmance After Majority
Story Case Howard Taylor, a young man of eighteen years of age, ran a little grocery store in Peoria. As his business was increasing very rapidly he decided to get a horse and delivery wagon. He bo...
-D. Effect Of Disaffirmance
Story Case Mr. Castlemen gave his son George a very fine horse as a birthday present. Several months later the son, who was only nineteen years of age, took the horse to the City Livery Company and...
-E. Recovery By The Infant Of What He Has Paid Under A Voidable Contract
Story Case Frank Jones, a minor of twenty years of age, purchased a small boat from the Chicago Outing Company and paid cash for it. He used the boat for about ten days, and then decided that he di...
-F. No Formality Necessary In Disaffirming
Story Case Ralph Bowers, who was a minor, was the owner of a very fine horse. He sold the horse to Mr. Brown and delivered possession to him. Two months later, while still a minor, he went to the h...
-3. Obligations Which Cannot Be Avoided. A. Obligation Incurred For Necessaries
Story Case George Nicoll, while a freshman in college, secured board from Mrs. Reeves agreeing to pay $6 a week therefor. Although he agreed to pay that amount, it appeared that it was reasonably w...
-B. Obligations Imposed On Infants By Law
Story Case When James Brown was eighteen years of age he married Stella Moore. After they had been married a year, Brown desired to be free of responsibility in supporting his wife. It was agreed t...
-C. Estoppel
James Stone was the owner of considerable property in the town in which he lived. Although only a little over nineteen years of age, he was always taken to be at least twenty-two or three years of age...
-D. Right To Disaffirm Is Personal To The Infant
Story Case John Newcomb was the owner of a valuable diamond ring. He sold it for a very low price to a friend, Nathan Lane. When the father of Newcomb discovered what his son had done, he went to L...
-4. Acts Of Disaffirmance By An Infant. A. Act Of Disaffirmance Necessary
Story Case Henry Myers, an infant, sold his automobile to Howard Long. Long paid a reasonable sum for the machine. Shortly after this sale was made, John Burnett secured a judgment against Myers fo...
-B. Appropriate Act
Story Case Howard Roe, an infant, sold an automobile which he owned, to William Sykes, giving possession of the machine to Sykes. Two days later Sykes left the automobile in the town square of the ...
-C. Obligation To Return Benefit
Story Case Joseph Hulbert, an infant seventeen years old, had been given a valuable horse which he sold to Harold Sherman for $400. Sherman paid Hulbert in cash and the latter purchased an automobi...
-5. Recovering The Consideration By The Infant. A. Recovery Of Personal Property
Story Case Abel Burnham, an infant nineteen years old, purchased a suit of clothes from Fred Schiller for fifty dollars. The money was paid on the delivery of the clothes. Two days later Burnham ru...
-B. Recovery Of Real Estate
Story Case John Strawman, an infant nineteen years old, sold his farm to Henry Forgan for five thousand dollars. This sum was paid to him in cash. Strawman used this money to buy a steam yacht whic...
-6. Acts Of Affirmance. A. What Constitutes Affirmance
Story Case Howard Mix, an infant twenty years old, sold twenty shares of railroad stock to Edward Mills. This stock was of uncertain value and fluctuated on the market to a considerable extent duri...
-B. Infant's Knowledge Of Legal Non-Liability
Story Case Fred Christopher, an infant twenty years old, made a contract with Simon Johnson to purchase six horses to be delivered two months later. One month after this contract was made, Johnson ...
-C. Recovery On The Contract As Affirmed
Story Case James Story, an infant, signed a written contract obligating himself to buy a horse from Howard Milli-ken for $200. Two months later, after he became twenty-one years old, he orally prom...
-7. Effect Of Infant's Acts On Right Of Third Persons. A. Simple Contracts
Story Case Louis Hansen, an infant, sold a wagon to Henry Lawson. Two days later George Hall took the wagon under a Court attachment as the property of Hansen. This was on a judgment secured by Hal...
-B. Effect Of A Conveyance Of Real Estate
Story Case George Borrowman, an infant, conveyed twenty-five acres of land to James Gould, who paid a fair value for the property. Gould conveyed the land to Simon Blyth, who later sold it to Edwar...
-C. Indorsement Of Negotiable Paper By An Infant
Story Case Abel Brown executed a promissory note in favor of George Davis, an infant. The note was for $100, made payable to Davis in thirty days' time. Davis indorsed the note by signing his name ...
-8. Civil Wrongs Committed By Infants. A. Wrongs Not Arising From A Contract
Story Case Henry Pugh, an infant fourteen years of age, carelessly drove his automobile into a wagon belonging to Edward Miller, damaging the wagon to the extent of fifty dollars. Miller demanded o...
-B. Wrongs Arising From A Contract
Story Case William Edwards, an infant eighteen years old, hired a horse and wagon from the Jackson Livery Company for the purpose of driving to Winchester, a town five miles away. Instead of drivi...
-II. Parent And Child. 1. The Custody Of The Child. A. Possession Of The Child
Story Case The wife of Charles Williams died leaving him with two children, eight and ten years of age. A few months after this occurred Williams became a man of dissolute habits and within a short...
-B. Control Of The Child
Story Case Frank White, an infant nineteen years of age, who was living with his parents, was requested by his father to do an errand for him. The request was reasonable, but Frank refused to compl...
-C. Discipline Of The Child
Story Case Arthur McLain, an infant fourteen years of age, was severely tho not permanently, punished by Ethel Forbes, his school teacher, for his delinquency and deportment in the classroom. The c...
-2. Maintenance Of The Child. A. Support By The Father
Story Case Edith Hudson, the wife of Henry Hudson was persuaded by her parents to leave her husband. She took with her their two children, four and six years of age. Henry Hudson was an irresponsib...
-B. Education Of The Child
Story Case William Benidict, the husband of Clair Benidict, died leaving her with two boys eighteen and twenty years of age. By his will, Benidict gave his wife three-fourths of his estate which am...
-3. Right To Earnings And Services Of The Child. A. Right Of The Parent To His Earnings
Story Case James McBrinde an infant fourteen years of age became so renowned a musician that his talent was in demand in many cities. In January 1914 McBrinde's father assigned to Edward Reynolds t...
-B. Right Of The Parent To The Property Of The Child
Story Case Frederic Hibbert died leaving to his nephew Abel Hill by devise in a will an estate valued at ten thousand dollars. At the time of the Uncle's death the nephew was only fourteen years of...
-C. The Right Of The Child To His Earnings
Story Case John Mclntyre became insolvent in December of 1913 and thereafter failed to provide for his family as he should. In February 1914, John Mclntyre Junior, a son of eighteen years old, made...
-4. Rights And Liabilities Of Parents In Respect To Civil Wrong Done To And By Infants. A. Right Of The Child For Injuries By Third Persons
Story Case The Kimbell Face Cream Company used a portrait of Helen Dunn, a girl of great beauty, on one brand of its face creams, calling the cream Helen's Choice. This was done without the conse...
-B. Right Of The Parents For Injuries To The Child By Third Persons
Story Case While crossing a street in his home town, James Still, the nine year old son of Mrs. Alice Still, was severely injured through the negligence of Kenry Hill in running his automobile. Jam...
-C. Wrong Done By The Child To Third Persons
Story Case George Miller, twelve years old, maliciously destroyed a number of flower plants on the property of Edward Nobel. The boy was living with his parents, Mr. and Mrs. John Miller and under ...
-D. Wrong Done To The Child By The Parent
Story Case Edward Neely unreasonably abused his son, Charles, who was fourteen years of age. Charles started a law suit against his father, through an action brought by an adult friend, to recover ...
-III. Husband And Wife. 1. The Contract To Marry. A. Consideration
Story Case Henry Johnson was divorced from his first wife and was paying her an alimony of fifteen dollars a week according to the decree of the Court. Eighteen months after this divorce decree was...
-B. Consent
Story Case Andrew Collier and Helen Dufree were attending a social party when it was proposed by a friend at the party that the two become husband and wife. The proposal was made in the nature of a...
-C. Action For Breach Of Promise To Marry
Story Case Joseph Kilroy had been giving his attentions to Anna Thompson for a considerable period and apparently a warm attachment existed between them. No express promise was ever given by one to...
-2. Contract Of Marriage. A. Common Law Marriage
Story Case Simon Brown was the owner of real estate in Chicago, Illinois, at the time of his death in July, 1914. After his death a dispute arose over the possession of this property between Edna B...
-B. Capacity Of The Parties
Story Case In early life James Hanna was a man of keen mentality and was successful in accumulating considerable wealth. He married Elizabeth Warner when he was twenty-three years old and during th...
-C. Consent Of The Parties
Story Case Henry Walton misrepresented to Hilda Edwards the status of his financial worth in order to get her consent to marry him. He told her that he had property worth ten thousand dollars and c...
-D. Marriage Formalities Without Complete Consent
Story Case James Harland and Sarah Crane, two actors, were much devoted to their stage work. In 1910 they decided to become husband and wife in name; they agreed at the same time in writing never t...
-3. Effect Of Marriage On Property Of The Woman. A. Personal Property
Story Case John Sampson became the husband of Helen Gould. At the time of their marriage one Rowen owed to Helen Gould the sum of two thousand dollars. Two years after the marriage, the wife died a...
-B. Real Property
Story Case William Harnett and Edna Davis were married and lived in a state which had not changed the old common law of England, that the husband acquired by marriage an interest for life in the la...
-C. Wife's Separate Estate
Story Case Helen Warner, the wife of Henry Warner, received an estate by will from her father. When making the will the father expressly devised that this land, given to the daughter, should be her...
-4. Contracts Made By The Wife. A. Contracts Made Before Marriage
Story Case Doris Miller and Richard Robins were married in 1910. Before their marriage Richard asked her if she owed any obligation of any kind, and she answered in the negative. She did, however, ...
-B. Contract Made After Marriage
Story Case Andrew Cloud and his wife lived in Massachusetts before that state changed the common law rule that a woman could not contract in her own name after marriage. Two years after they were m...
-C. Liability Of Husband For Wife's Necessaries
Story Case Jesse Davis and his wife were not living together. Davis was at fault, not only refusing to live with her, but also refusing to support her in any way. When winter was approaching she wa...
-D. Later Developments In Courts Of Equity
Story Case Frank Shepherd and his wife, Laura, lived in the state of New York before that state made any change by statute with reference to the ability of married women to contract. The wife, Laur...
-E. Liability Under Modern Statutes
Story Case Mrs. Robert Rockwell, a married woman, living in Arkansas and owning property there, agreed in 1914 to become surety on a note for John Farwell. The note was executed by Farwell for five...
-5. Civil Wrongs Committed By The Wife. A. Before Marriage
Story Case Miss Anna Waldo, the owner of considerable real estate, became involved in a boundary line dispute with Edward Hilton. Miss Waldo became angry and instructed the servants to trespass an...
-B. Liability For Wrongs Committed After Marriage
Story Case Mrs. Mary Story, the wife of Amos Story, carelessly drove her horses and wagon into a vehicle belonging to John Moore, doing damage to the vehicle and also injuring Moore. Mr. Story was ...
-6. Civil Wrongs Suffered By Wife Or Husband. A. Right Of Wife
Story Case While Mrs. Doris Brown was crossing a street in her town she was run into and seriously injured by an automobile belonging to and being driven by Howard Barr. The accident occured becaus...
-B. Right Of Husband
Story Case Mrs. Helen Johnston, the wife of Henry Johnston, was seriously injured in a railway collision, caused by the carelessness of employees of the Eastern Island Railroad Company. Mrs. Johnst...
-C. Right Of The Wife When Wrong Is Committed By Husband
Story Case Mrs. Jane Gibson, the former wife of Richard Gibson, secured a divorce from him on the ground of cruel and unjust treatment. The evidence in the trial of the case showed that Gibson had ...
-D. Right Of The Husband For Wrongs Committed With Respect To His Marital Relations
Story Case Truman Oldfield and his wife were both seriously injured in a railroad wreck, while riding on a railroad train of the Lake Western Company. The injuries were sustained in a collision cau...
-E. Right Of The Wife For Wrongs Committed In Respect To Her Marital Rights
Story Case James O'Donald and his wife lived in the state of Massachusetts. Their life together had been a happy one until O'Donald and one Mary Laughlin became acquainted. From this time on, Mary ...
-7. Rights As Between Husband And Wife On Contracts. A. Duty Of The Husband To Support His Wife
Story Case Mrs. Josephine Dufree owned a small plot of ground, which her husband repeatedly attempted to have her convey by deed to him. This she refused to do. Finally he threatened to cease to pr...
-B. Marriage Abrogates Contracts Made Prior To Marriage
Story Case Mary Carlton was a music teacher, and one of her pupils was John Hackett. Hackett became attached to Miss Carlton, and finally persuaded her to marry him. At the time of their marriag...
-C. Contract Made After Marriage
Story Case Mrs. Hazel Brown, a dramatic teacher, agreed to teach her husband the art of making speeches, provided he promised to pay three dollars for each lesson. She had given him a total of one ...
-D. Gifts Between Husband And Wife May Be Of No Legal Effect
Story Case Earl Day gave an automobile to his wife, Helen, as a Christmas gift. Shortly after this, a dispute occurred between them, and Day took possession of the automobile without the consent of...
-8. Crimes Of Husband And Wife. A. Crimes Committed By The Wife
Story Case Jane, the wife of Henry Sanaman, became angry at Sarah Hart and proceeded to punish her with a heavy weapon. Sanaman was present and admonished his wife for her action. She did not heed ...
-Agency. I. Agency Is A Relation Created By Contract. 1. The Agent Is One Who Is Under The Control Of His Employer
Story Case A statute of the State of Kansas provided that if any agent shall neglect or refuse to deliver to his employers on demand, money which should be turned over to such employers, then the a...
-II. Agency Is Different From Other Contract Relationships. 1. Agent And Servant
(a) An Agent Is a Person Who Represents His Principal in Dealing With Third Persons. (b) A Servant Is a Person Who Acts for His Master in a Ministerial Capacity. Story Case William Avery call...
-2. Agent And Independent Contractor
(a) An Agent Works Under the Control of the Principal. (b) An Independent Contractor Agrees to Produce. Results and Is Free to Use His Own Means. Story Case Fred Moore made a contract with...
-3. Agent And Tenant
(a) An Agent Acts Under the Supervision of a Principal. (b) A Tenant Is an Independent Contractor, Who Agrees to Produce Results Under His Own Supervision. Story Case The Southern Mills Compa...
-III. Agents May Be Classified As To The Manner Of Their Creation Or As To Their Functions. 1. Agency May Be By Express Words Or May Be Implied
Story Case John Hamilton informed Simon Brown that Joseph Barr owned a horse which was an exact match for another horse belonging to Brown. The latter thereupon said to Hamilton: See if yon can bu...
-2. Agency May Be Del Credere Or Non Del Credere
Story Case Harry Lea contracted to act as Chicago agent for the Boston Garment Company, for which he was to receive ten per cent commission from all goods sold, and two per cent for guaranteeing th...
-IV. A Principal Must Have Greater Capacity To Contract Than An Agent. 1. The Principal Must Have Capacity To Do That Which He Has Authorized The Agent To Do
Story Case Marie Brown, a woman sixty years old, made a contract with Howard Harvey, authorizing him to dispose of certain real property for her. Later the heirs of the woman contested the authorit...
-2. An Agent Need Not Have The Personal Capacity To Do That Which He Has Been Authorized To Do
Story Case Thomas Wood and James Brady entered into a partnership agreement to conduct a bond brokerage business. Brady was twenty years old. During the course of the first year's business Brady ma...
-V. The Relation Of Agency May Be Formed In Two Ways. 1. The Appointment May Be By Act Of The Principal Prior To The Agent's Dealing With Third Persons. A. The Formal Requisites Depend Upon The Powers Given To The Agent. (1) Generally No Particular Form Is Necessary In Appointing An Agent
Story Case Henry Drew asked George Fowler to buy a Buick automobile for him when he made his trip into the city, explaining also the type of car he desired. Fowler replied he would buy the car. The...
-(2) An Agent Need Not Have Written Authority To Make A Written Contract
Story Case George Beal said to his construction foreman: When the contract for building the Kaiser House is ready, you sign it for me, in my name. Later, when the contract was ready, the foreman ...
-(3) The Statute Of Frauds Requires That Certain Agency Contracts Be In Writing
Story Case Arthur Bowers said to Abel Hansen: If you will work for me one year, beginning the first of next month, I will pay you $100 a month. Hansen replied that he would accept the offer and b...
-(4) Authority To Make A Contract Under Seal Must Be Given Under Seal
Story Case Harold Capper, living in Chicago, wrote a letter to Fred Whiffen in Dayton, Ohio, authorizing him to sell an acre of land belonging to Capper and situated in Dayton. Whiffen thereupon fo...
-B. There Must Be Contractual Elements Present. (1) There Must Be Mutual Assent
Story Case Edward Howe, in Chicago, wrote a letter to Edward Snow, in Detroit, stating that he thereby appointed Snow his agent in the latter city to sell the Howe Automobile Pumps, at 15 per cent ...
-(2) There Must Be Consideration
Story Case Robert Lingle said to William Camp: I know of an excellent automobile worth $1,000, which I can buy for you for $800. Camp answered: Well, I rely on your judgment, and I want a car, s...
-2. The Appointment May Be By Act Of The Principal Subsequent To The Agent's Act With Third Person
This Is Ratification. A. Ratification May Be Expressed Or Implied Story Case James Newby was the traveling Secretary of Alonzo Benson. While in Boston, Newby saw a rare old piece of furniture...
-B. The Elements Essential To Ratification Are Those Which Would Have Been Necessary Had There Been Authorization. (1) The Act Must Have Been One That Could Have Been Authorized
Story Case Clyde Rucker was in the employ of a real estate agent by the name of R. A. James. Rucker was in need of money, so he made out a note, signed by himself, carried it to the First National ...
-(2) The One Who Ratifies Must Have Been In Existence When The Contract Was Made
Story Case Edward Ely was informed that John Stone was about to be appointed receiver of a certain milling company which had gone into bankruptcy. Ely believed that anything he would do in the name...
-(3) The Act Must Have Been Performed As Agent For The Principal
Story Case Henry Watson, a salesman for Charles Knowlin, purchased a lot of goods in his (Watson's) own name, intending secretly to sell them to another if the occasion permitted. He later became f...
-(4) The Principal Must Have Full Knowledge At The Time Of The Ratification
Story Case George Thompson, the purchasing agent of the Gammon Hardware Company, went beyond the scope of his authority in purchasing a lot of automobiles. He explained to his principal the nature ...
-(5) Ratification Must Be Of The Whole Act
Story Case Clarence Burnham, the agent of the Western Fuel Company, bought for that company four cars of nut coal and two cars of lump coal. This purchase was made without the authority of the comp...
-C. Ratification In The Manner Of Previous Authorization. (1) Ratification Must Be In The Form Required For Previous Authorization
Story Case John Anderson purported to act as agent for Lea Johnson in making a contract under seal with Joseph Smith for the sale of land belonging to Johnson. Anderson did not have authority to ac...
-(2) Ratification May Be Express
Story Case Harry Simpson, the chauffeur of Frank Bond, without authority from the latter, agreed with John Stone to sell him a number of tires belonging to Bond. When Bond learned of this contract ...
-(3) Ratification May Be Implied
Story Case Arthur Sentz, an accountant employed by Howard Noble, a grain dealer, sold a thousand bushels of wheat for the latter without having authority to do the act. Noble learned of the deal sh...
-D. Ratification Places The Parties In The Position Which Would Have Resulted From Previous Authorization. (1) The Principal Cannot Ratify If The Rights Of Third Persons Have Intervened
Story Case Mr. J. H. Jones was a ranch owner and a cattle grower. On his ranch he had some ten thousand head of cattle. John Anderson, who worked for him on the ranch, was making a trip to Chicago....
-(2) Ratification Relieves The Agent
Story Case Edward Davis sold to George Miller an automobile which was the property of Otto Nance. Davis acted without authority in making the sale in the name of Nance, and also in warranting that ...
-VI. The Contract Creating The Agency Is Subject To The Usual Rules Of Construction. 1. Authority Must Be Distinguished From Instruction
Story Case James Worthington was the agent of the Flood Live Stock Company with authority to buy and sell horses. After Worthington had worked for this company some time he was given written instru...
-2. General Authority Includes All The Power To Carry On The Business Or Undertaking In Hand
Story Case Andrew Williams was the general manager for Mead & Company, bond brokers, at their Chicago office. Williams was under written instructions never to sign any negotiable notes for the comp...
-3. Special Authority Is The Power Given To Do A Single Act
Story Case Lea Tompkins was appointed an agent by Fred Mechem to sign Mechem's name as surety on a non-negotiable note for Edward Neil. Mechem gave instructions that the note should not be for more...
-4. Certain Authority Can Be Delegated. A. Power Can Be Delegated, When That Is Customary
Story Case Andrew McElroy of Boston sent a note for collection to the First National Bank of that city, against a person living in Cambridge, Massachusetts, a town contiguous to Boston. The First N...
-B. Power Can Be Delegated When That Is Implied From The Nature Of The Agency
Story Case The Eastern Woolen Company appointed Lew Baker its western manager with offices in Chicago. Among other sub-agents Baker appointed one Briggs as salesman in Missouri, and shipped to the...
-C. Agent Is Liable When He Delegates Without Right
Story Case Steven Miller appointed Victor Taylor as agent to sell brick in the town of Springfield. Taylor had other business and so delegated his power to one Lyon to sell the brick. Lyon was a ca...
-VII. Certain Duties And Liabilities Arise Out Of The Relation Of Agency. 1. The Agent Owes Certain Duties To The Principal. A. The Agent Must Exercise Good Faith
Story Case Joseph Hamlin for many years had been lessee of a theater, and had built up a fine theatrical business. Robert Davis was his confidential agent and business manager. Just previous to the...
-B. Agent Must Obey Instructions
Story Case The Western Steamship Company instructed its ship master not to unload goods at the New York wharf until an order to that effect was delivered from the New York office. Captain Chase lan...
-C. Agent Must Exercise Care
Story Case Clifford Clayton was a railroad messenger for the Eastern Express Company. Clayton acted in good faith, but carelessly permitted a new friend to enter the express car and the latter took...
-D. The Agent Must Account
Story Case James Kellog authorized Frank Keeler, his western agent, to sell a certain lot of corn at fifty cents per bushel. Keeler sold the corn at fifty-two cents, but accounted to Kellog for fif...
-2. The Principal Owes Certain Duties To The Agent. A. The Principal Must Compensate The Agent
Story Case Richard Stewart was requested by Robert Weil, an insurance broker, to try to sell Northern Life Insurance stock for him. Stewart was successful in disposing of twenty-five shares for whi...
-B. The Principal Must Compensate The Agent When The Agency Is Terminated By The Principal
Story Case Warren Lincoln, an insurance broker, appointed Simon Phillips his agent to solicit insurance business in the town of Springfield. Phillips agreed to take as compensation one per cent of ...
-C. The Principal Need Not Compensate Agent When The Agent Abandons The Contract
Story Case The Gilbert Coal Company employed John Clark, an attorney, to collect an account of $1,000 owing to them from a former customer. The employment was understood to be on the usual ten per ...
-D. Principal Must Compensate For Work Done When Contract Is Terminated Without The Fault Of Either Party
Story Case The Rover Typewriter Company entered into a contract with Herbert Hobson, appointing the latter as their representative in Spain for five years, beginning in 1895. It was agreed that Hob...
-E. The Principal Must Reimburse The Agent For His Expenditures In Behalf Of The Principal
Story Case Richard Mundy, an engineer in the employ of the Interstate Construction Company, was sent to New Mexico to make an irrigation survey in accordance with a contract existing between the co...
-3. Principal And Agent Owe Certain Duties To Third Persons. A. Either Principal Or Agent May Be Liable For Civil Wrong Of Agent. (1) Agent Is Liable For His Own Wrong Although Acting For His Principal
Story Case Joseph Madison was the general superintendent of the Waterbury Steel Company. John Winters, an employee of another company, while at the mill on business, was seriously injured, because ...
-(2) The Principal Is Liable For The Agents Wrong When The Agent Is Acting Within The Course Of His Employment
Story Case James Bass, a delivery wagon driver for Pugh & Company, was instructed, by his employer, never to drive his horses faster than a walk along Meridian Street in making deliveries. On the d...
-B. Liability Of A Principal Or Agent Upon Simple Contracts, When The Principal Is Known, Depends Upon Circumstances. (1) Principal May Be Liable On An Unauthorized Contract When Made In An Emergency And Where It Is Reasonable
Story Case A wreck occurred to a passenger train of the M. & O. R. R. Company, while the train was in the heart of a large forest. As a result, several people were severely injured, including the c...
-(2) The Principal Is Never Liable On An Unauthoiized Contract When The Third Person Knows Of The Limitation
Story Case James King, the general manager of Stone & Company, executed, to Frank Ellis, a negotiable note of the company in payment for merchandise delivered. Ellis objected to taking the note, sa...
-(3) The Agent Is Liable For A Breach Of Warranty In Making An Unauthorized Contract
Story Case John Black made a contract with the Hayes Lumber Company, representing himself to be the agent of the White Construction Company. The contract was for the delivery of lumber, by the lumb...
-(4) The Agent Is Liable Although He Intends To Bind His Principal, When He Signs A Written Contract In A Manner Binding Himself
Story Case Adolph Bartlett was the president of the Bartlett Publishing Company, a corporation. As such officer, Bartlett made the following contract: Harry London, party of the first part, and Ad...
-(5) The Principal's Liability May Be Terminated, If The Third Person Accepts The Agent As The Debtor
Story Case Steven Miner was the road superintendent of John Meyer, a contractor. Miner had authority to employ and remunerate the employees under him. Burnham was an assistant foreman to whom there...
-C. When The Principal Is Unknown, All The Elements Of Agency May Nevertheless Exist. (1) The Principal May Hold The Third Person
Story Case Amos Reeves bought a horse of Simon Burnett. After the purchase was made Reeves instructed Burnett to deliver the horse to Edward Boardman's barn. He then stated that the purchase had be...
-(2) The Third Person May Hold The Principal After He Is Disclosed
Story Case Louis Forgan employed August Whitaker, secretly, to act as his agent in buying a number of shares of stock of the Northwestern Railway Company. Whitaker contracted to purchase a block of...
-(3) The Third Person May Hold The Agent Upon Whose Credit He Depended
Story Case Heber Davis, acting as agent for Charles Hos-tetter, purchased an automobile from James Owen. Owen did not know that Davis was acting as agent at the time of the making of the contract. ...
-(4) The Agent May Hold The Third Person
Story Case Crawford Kennedy, as agent for the Cherry Red Brick Company, made a contract with the Holtzer Machine Company for the purchase of machinery to be delivered as Kennedy instructed, on the ...
-D. The Agent Is Liable On A Sealed Contract If His Principal Is Not Named And The Agent Merely Describes Himself As Such
Story Case The following contract, under seal, was made between Pratt Ross and Rainey Johnson: Pratt Ross, vice president of the Harper Fuel Company, party of the first part, and Rainey Johnson, p...
-E. The Principal Must Be Named As A Party To A Negotiable Instrument In Order That He Shall Be Liable
Story Case Henry Judson was the manager of the Kenesaw Coal Company. As such officer, and with the authority of the company, he executed a promissory note and signed it, Henry Judson, manager of t...
-VIII. Termination Of The Relation. 1. By Act Of The Parties. A. Expiration Of The Term Of Agency
Story Case The Easy-Bunning Sewing Machine Company engaged Howard Dawson to solicit orders for a sewing machine manufactured by them. It was agreed that he should have a ten per cent commission on ...
-2. Revocation By The Principal. A. The Principal Has The Power To Revoke
Story Case The American Publishing Company published a well bound and beautifully illustrated set of Dickens' Works, which they determined to sell through agents. George Madison applied to them for...
-B. Principal May Have To Pay Damages
Story Case The Illinois Aluminum Ware Company advertised for agents to sell certain articles manufactured by them. Donald Jones, a student in the University of Chicago, visited the company and desi...
-C. Certain Agencies Are Non-Revocable
Story Case Mr. J. L. Jenkins was in need of money. He went to the Second National Bank of Bloomington, where he lived, and requested a loan. The bank authorities asked him what security he could gi...
-D. Necessity Of Notice Of Termination Of Agent's Authority
Story Case For several years Roy Harkins had made collections for the Southside Grocery business. On September 28, 1914, because of some misconduct on his part, the company discharged him. However,...
-3. Abandonment By The Agent
Story Case Phillip Morris was engaged by the Farmers' Supply Company, of Chicago, Illinois, to open up and manage a branch business in La Porte, Indiana. Morris, in consideration of a certain per c...
-4. Renunciation By The Agent
Story Case Mr. George Mason was the owner and proprietor of a moving picture theater; in his theater he had installed a very fine pipe organ. Miss Mary Byrne applied to him to get the position of p...
-5. Termination By Operation Of Law. A. Bankruptcy
Story Case The Southeastern Grocery Company was a partnership engaged in the wholesale grocery business in Memphis, Tennessee. They had in their employ several traveling salesmen who sold groceries...
-B. Relationship Terminated By Death Story Case
Mr. J. Cecil Cowan owned a beautiful country estate in Georgia. This estate had been in the Cowan family for several generations. Mr. Cowan, however, was desirous of selling it. He had only one son, R...
-C. Relationship Not Terminated By Death Where Agent Has An Interest In Subject Matter Of The Agency
Story Case Mr. J. H. Bawls was the owner of an automobile. Becoming heavily indebted he went to a friend and asked a loan of $500 and offered to execute a mortgage upon the machine for security. Hi...
-Partnership. I. The Nature Of Partnership. 1. General Explanation
Story Case Louis Adcock, owner of a plumbing business, had in his employ Nels Johnson. Adcock made this offer to Johnson: Johnson should put $1,000 in the business for which he should receive one t...
-2. Distinguished From Other Relations. A. Partnership And Non-Profit Associations
Story Case Henry Piper, James Edmondson, and ten others formed a society at the University called the Strut Club, organized for the purpose of staging and acting dramatic plays. At one of the meeti...
-B. Partnership And Corporation
Story Case John Simpson and nine others entered into a contract for the formation of a company to transact a real estate business. It was agreed that there should be a capital of $10,000 and that e...
-C. Partnership And Co-Ownership
Story Case Albert Bosworth, in a conversation with Edward West, made this statement I know of a splendid section of land in Florida which can be purchased at a bargain. Will you buy one half if I...
-D. Partnership And Relation Of Debtor And Creditor
Story Case George Jackson, owner of a saw mill, and James Simpson, dealer in logs, made the following contract: Jackson promised to give Simpson a chattel mortgage on all lumber which was sawed of ...
-E. Partnership And Employment
Story Case Herbert Betts, a skilled plumber, agreed to work for Thomas Collins, a plumbing contractor, as general superintendent. Betts promised to use his skill in the business, and to direct the ...
-F. Distinction Between Partnership And Joint Promoters
Story Case Roy Purcell, Francis Burke and four other men entered into a contract for the purpose of conducting a joint venture in drilling an oil well. Each agreed to pay one-sixth of the expense o...
-G. Partnership And Relation Of Borrower And Lender
Story Case The firm of Young & Brown, engaged in a wholesale clothing business, became pressed for cash money, although it had adequate assets in promissory notes from its customers. For this reaso...
-H. Partnership And Tenancy
Story Case Albert Sherman desired to rent a hotel which he owned, so that he could be relieved of personal responsibility in the business. As he was not successful in leasing it for a cash rental, ...
-3. Tests For Determining The Relation Of Partnership. A. Control Over The Property. B. The True Test Of Partnership
Story Case James Brown and Clarence Coe were in the jewelry business, working together as Brown & Coe, partners. During the second year of their business together, they became financially embarrass...
-C. Partnership Liability May Be Determined, Not By Contracts Between The Parties, But By Representations To Third Persons
Story Case Howard Watson, a private banker, agreed to lend money to James Libby for use in his brokerage business, provided Libby should give Watson fifty per cent of the profits. After the parties...
-4. Classes Of Partnership. A. Trading Partnership St0ey Case
Crawford Bates and Enoch Ross were partners, conducting a general brokerage business in buying and selling stocks and bonds. In the articles of partnership, Ross agreed not to sign any promissory note...
-B. Non-Trading Partnership
Story Case Robert Smiley and Richard Yates were partners in the law practice, conducting business as Smiley & Yates. Yates purchased an automobile in the name of the firm, without the authority or ...
-C. Limited Partnership
Story Case The State of Maryland permitted the organization of partnerships, in which one member would not be liable for more than the amount he actually furnished the firm, provided the statute un...
-II. Formation Of The Relation. 1. Necessity For A Contract. A. Offer And Acceptance
Story Case George Hudson had been a clerk in David Brown's grocery store for two years. One day Brown said to Hudson, George, I think I'll give you an interest in my store and make you a partner, ...
-B. The Contract Must Be Executed
Story Case Truman Hobbs said to Earl Reynolds, I know where there is a splendid teaming and transfer business for sale, and I want you to join with me as partner, provided I can buy it. Reynolds ...
-C. Competency Of Parties
Story Case Ten corporations, each conducting a different line of business and operating about New York, entered into a contract for maintaining a common office in New York, where each could transac...
-D. Legality Of The Object
Story Case Henry Reeve and Reno Powers were in the business of manufacturing oleomargerine butter, transacting business under the firm name of Reeve & Powers. Reeve was the treasurer of the company...
-E. Formalities Required
Story Case Arthur Zane, a druggist, said to Martin Burns, an old and faithful employee, Martin, I want to make you a partner in my business, provided you desire this relation. You agree to work an...
-III. The Nature Of Partnership As An Entity. 1. The Firm Name. A. Necessity For A Firm Name
Story Case Hans Larson, transacting business as Larson, the Shoemaker, offered to allow Sidney Johnson, an employee, to become an associate with him in the business. No formalities were observed...
-B. The Right To The Use Of The Firm Name
Story Case Robert Jarvis and Howard Lewis were engaged in a wholesale millinery business as Jarvis & Co., under which name the firm had built up a big reputation. When Lewis agreed to purchase th...
-C. Effect Of The Use Of A Firm Name
Story Case Edward Reynolds and Simon Whiffen were doing a banking business as Reynolds & Company. Reynolds signed a note with the firm name for a large sum of money and then disappeared, leaving Wh...
-2. Rights Of The Firm As A Body. A. Right To Contract As A Partnership
Story Case Stephen Wing and Andrew Parker were doing a retail grocer business as Parker and Wing, a partnership at Benton, Michigan. Parker lived in Detroit, Michigan, and Wing lived at Benton, whe...
-B. Personal Property As Firm Property
Story Case Alexander Ely and Francis Shimers were partners in brick manufacturing, transacting business as the Red Clay Brick Company. A contract was made with The Ohio Machinery Company for the pu...
-C. Real Estate As Firm Property
Story Case Edward Crist and Richard Hanly were florists doing business as The Red Rose Florists, a firm name. In order to extend their plant, a contract for the purchase of land was made with Herbe...
-D. Firm Capital
Story Case David Shippy, Robert Hunt, and Donald Hibert formed a partnership as consulting engineers. Shippy was an elderly man, widely known in his field, but about to retire from the business; Ro...
-E. Good Will Of The Firm
Story Case James King, William House, and Sibley Gray were partners in the shoe manufacturing business, operating under the name, The Easy Tread Shoe Makers. Under this name, a large and well e...
-IV. Relation Of The Partners To Each Other. 1. Individual Rights Of Partners In Firm Business. A. Right Of The Majority To Govern Story Case
Nathan Whitman, Winfield Sherman and Andrew Williams were partners in the lumber business, operating as Whitman, Sherman & Williams. Whitman and Sherman desired to make a purchase of a car load of c...
-B. Right And Power Of One Partner To Bind The Firm
Story Case Simon Jones, Richard Moran, and Carl Tilden were partners in the dairy business. It was agreed among them that Moran should be the purchasing agent of the firm and that the other two sho...
-C. Partners' Interest In The Profits Of The Firm
Story Case James Parker and Andrew Hall entered into a partnership for doing a general printing and publishing business. Parker contributed $5,000 as his share of capital, and Hall, $3,000. Each ga...
-D. The Right Of A Partner To Compensation
Story Case Lloyd Baker and Joseph Mack formed a partnership for conducting a bakery business, each agreeing to give all of his time to the firm. Baker was a skilled man in his trade, and was accust...
-3. Right Of Partner In Firm Property. A. Nature Of Partner's Interest
Story Case John Anderson and Walter Wilson were partners in the express business. The firm property was worth $10,000; each had a one-half interest. Wilson sold his interest in the firm for $2,000 ...
-B. Possession Of Firm Property
Story Case Clifton Roe and Bernard Kerr were partners, dealing in motor trucks. It was agreed between the partners that Roe should be the active man of the business and should have possession of th...
-C. Right Of Access To The Finn Property
Story Case Alfred O'Donald and Arthur Bryan were partners in the truck gardening business, each owning a one-half interest in the property. The business did not prosper, and Bryan ceased working an...
-4. Conduct Of Partners Outside Of The Partnership. A. Dealing With The Firm
Story Case Fred Flint, Howard Freeman, and Donald Gray were partners in the commission business. At the end of five years, the firm had a surplus fund of $5,000, which Flint, the treasurer, was ins...
-B. Competing With The Firm
Story Case Lester Archibald and David McCoy were partners in the grocery business. Each agreed to give his entire time to the partnership affairs. After the firm was in existence for some time, McC...
-C. Good Faith
Story Case Joseph Brady, Frank Mcllroy, and Thomas Tilden were partners in a construction company. Tilden purchased all of the supplies for the company. He had an understanding with a lumber concer...
-V. Partners In Their Relations To Third Persons. 1. Authority Of Partner To Contract For The Firm. A. Founded Upon Principles Of Agency
Story Case Charles Thompson and Raymon Riley were partners, dealing in automobiles. Thompson was the experienced man of the two, and it was agreed between them that Riley should never purchase an a...
-B. Apparent Scope Of Authority
Story Case A partnership existed between Richard Harding and Simon Davis for the purpose of dealing in lumber and other building material. It was agreed between the partners that the firm should no...
-C. Executing Negotiable Paper
Story Case James Pinckney and Harvey Pope were partners in a Mississippi Eiver Steamboat Company, carrying freight between St. Louis and New Orleans. Pinckney was the general manager in St. Louis, ...
-D. Buying And Selling Stock In Trade
Story Case Adolph Mills and Herbert Anderson were partners, doing a wholesale plumbing business. Mills, who owned three-fourths of the business, was the general manager of the company. A disagreeme...
-E. Buying And Selling Real Estate
Story Case Arthur McGill and Homer Shull were partners, dealing in real estate as Arthur McGill & Company. All of the contracts made by the firm were in the firm name, but the deeds to property wer...
-F. Borrowing Money On The Firm Credit
Story Case Andrew Coleman and Rufus Morton were partners in the manufacture of cotton goods, transacting business as Coleman & Morton Company. Without the consent of Coleman, who was absent from th...
-G. Power To Collect Money Due The Partnership
Story Case George Reynolds and Dorr Henshaw were partners, dealing in real estate, under the firm name of George Reynolds & Company. Reynolds made a contract with Hibert Bartlett to sell his cert...
-H. Acting As Surety
Story Case Theodore Watson and Ralph Jennings were partners, conducting a brick manufacturing business as Watson & Jennings. Harry Forbes, a friend of Watson 's, having been elected to the office o...
-2. Liability Of The Firm For Civil Injury. A. Wrongful Act Of A Partner
Story Case Ludington Lee and four other men were partners in an oil well venture. Lee, who financed the firm, lived in Detroit, Michigan. The other partners were in Texas where the wells were being...
-B. Wrongful Act Of Agent
Story Case Edgar Thompson and John Walker were wholesale bakers, under the firm name of The Wholesome Bakers. Their baking plant and main office were in Milwaukee, Wisconsin, and they had agents ...
-VI. The Nature Of Partnership Liability To Third Persons. 1. Liability In Contract. A. Partner's Joint Liability
Story Case Joshua Noonan and Clarence Linderman were partners in a show venture at the San Francisco World's Fair, having a concession called the Pan-American Scenic Ride. The venture was entirely ...
-B. Individual Liability Of Each Partner
Story Case Aaron McCoy and Thomas Bailey had been partners in the furniture business. At the time of the dissolution the firm owed several creditors, among them, Henry Miner. Bailey took over the f...
-C. Liability Of Secret Partner
Story Case Clarence Jessup and Otis McGowen were partners, dealing in stocks and bonds as Jessup & McGowen. After the firm had been in existence for several years, another partner, John Burnham, ...
-2. Liability For Civil Injury. A. Liabilty Of One Partner For Wrong Done By Other Partner While Acting Within The Scope Of His Authority
Story Case George Brewer and Andrew Fell were partners in the meat market business. While Brewer was away on his vacation, Fell borrowed a horse from Amos Witcher to make a delivery to a customer. ...
-B. Liability Of One Partner For Wrong Done By Other Partner, While Acting Without The Scope Of His Authority
Story Case William Brown and Henry Felton were partners, conducting a small milk delivery business. Each had charge of a wagon. While Felton was making a delivery to customers, he went several bloc...
-VII. Dissolution Of A Partnership. 1. Termination By Act Of Parties. A. Notice Of The Dissolution Of A Firm
Story Case Howard Fogle, John Church and Robert Curdy had been partners in the grain business, known as the firm of Fogle and Company. On January 1, 1914, Curdy ceased to be a member of the firm an...
-B. Termination Of Partnership At Will
Story Case Homer Still and Edgar Beach were partners in the contracting business. When the partnership contract was made, no time was agreed upon for the continuance of the firm and it was understo...
-C. Termination Of Partnership For A Fixed Term
Story Case Harvey Cloud and Simon Lingree were working together under a partnership agreement in the retail grocery business. In their contract, they agreed to be partners for two years. At the end...
-D. Assets On Termination
Story Case James Hill, Joseph Swanson, and George Simpson were working under a partnership contract in the iron brokerage business. They agreed to be partners for two years and to share the profits...
-E. Rights Of Firm Creditors
Story Case The firm of Tait and Company was composed of William Tait and Andrew Burke. In January, 1914, the firm assets amounted to $10,000. John Burns, a creditor of the firm, had a claim against...
-2. Termination By The Death Of One Partner. A. Effect Of Death On Title To Firm Property
Story Case Henry Forgan and Winfield Snow were partners, manufacturing hardware supplies. Title to all of the firm property, including real estate, was in the name of Forgan. Forgan died and Snow ...
-B. Duty Of The Survivor To Liquidate
Story Case Deloss Shepherd and Simon Hobbs were manufacturers of stoves, doing business as Shepherd & Hobbs Company. Hobbs died and Shepherd, as surviving partner, continued the business of the fir...
-C. The Right To Continue The Business
Story Case Porter Addington, Homer Stilwell and James Bryce were partners in a manufacturing business, each owning a $10,000 interest in their plant. Addington died, and during the week following h...
-3. Termination By Operation Of Law. A. Bankruptcy
Story Case Luther Stevens, Harold McKey and Martin Snow had been partners in the fruit commission business. In the year 1913, Snow became insolvent, because of his inability to meet his personal ob...
-B. Termination By Judicial Decree
Story Case Arnold Hall invented a machine for starting automobile engines. He desired to place his machine on the market personally, provided he could find some one who understood the automobile tr...
-C. Disposition Of The Firm Property
Story Case Arnold Brown, David Lawson and Herbert Lang were partners in the publishing business. A disagreement arose among them, and the first two voted to discontinue the partnership, and also th...
-D. Real Estate Of The Firm
Story Case Henry Folsome, George Miller, and Edward Mal-aney were partners in the florist business. Title to the real estate used by the firm was in the names of Fol-som and Miller. Miller died, le...
-Corporations. I. General Nature Of A Corporation. 1. Essential Elements
Story Case Joseph Larkin and ten other men formed an organization called The Springfield Building and Loan Association. This was created in accordance with the law of their state, which provided th...
-2. Corporation As Distinct From Stockholder
Story Case George Sabel, living in Los Muertos, California, owned a laundry machinery company which a group of wealthy Chinamen desired to purchase. Sabel, however, did not wish his property to com...
-3. Title To Property Of The Corporation
Story Case Edward Dixon purchased an acre of suburban property in Chicago from the Western Stone Company, a corporation. Dixon submitted his deed to the Real Estate Title and Trust Company, asking ...
-4. When Corporation Is Identified With Its Stockholders. A. It May Not Be Free Of The Guilt Of Its Members In Transactions Directed By Them
Story Case John H. Longfellow, owner of the controlling interest in the Western Asphalt Company, made a personal agreement with the United Paving Company, not to submit any bids or proposals on pro...
-B. The Corporation May Not Be Used As A Cloak For Individual Frauds
Story Case Robert Himes and his two sons were the only stockholders of the Puducah State Bank, a private banking organization. On January 3, 1915, the two sons persuaded Mrs. Mary Roberts to convey...
-5. Corporation Distinguished From Other Organizations. A. Distinction Between Partnership And Corporation
Story Case Gordon Jones, John K. Lynch, and Claude Perrin organized an association called the Mutual Indemnity Exchange. This organization was created in accordance with the state law providing tha...
-B. Distinction Between Corporation And Joint-Stock Company
Story Case Pursuant to a contract existing between Alden Anderson, Marion Sansom, and Felix Tennison, a Saving and Trust Bank was formed called the Dallas Joint Stock Bank. The contract was filed w...
-C. Distinction Between Private, Public, And Public Service Corporations
Story Case Under the statutes of Kentucky, every private corporation was required to pay an annual tax on its capital stock. The tax collector demanded the tax from the Louisville Waterworks Compan...
-6. Corporation As A Person
Story Case Andrew Lawrence and four other men organized a corporation in an eastern state, called The United Liquor Stores, Inc. Through this corporation, these men conducted a number of liquor ven...
-7. Corporation As A Citizen
Story Case The National Indemnity Exchange was a corporation, organized under Delaware laws by citizens of Illinois to do a general insurance business. During the course of its business, the corpor...
-8. Corporate Seal
Story Case The American State Bank was incorporated for the purpose of conducting a banking business in the city of Louisville, Kentucky. It leased a building from Mr. G. J. Hoffman in which the ba...
-II. Creation Of A Corporation. 1. The Grant Of The Franchise. A Power Of Congress To Create Corporations
Story Case The United States Government created a corporation for the purpose of building and maintaining the Panama Canal. This was a corporation created by Act of Congress. When The National Port...
-B. Incorporation By Special Charter From A State
Story Case In 1870, the state of Illinois adopted the following article as a part of its constitution: No corporation shall be created by special law or its charter extended, changed or amended, e...
-C. Incorporation By General Law In A State
Story Case Henry Sanaman, and two other men, organized the White River Construction Corporation under the new provisions of the laws of an eastern state, which provided that any three or more pers...
-2. Imperfect And Incomplete Incorporation. A. Remedy For Failure To Comply With Mandatory Requirements
Story Case The Union Insurance Company was incorporated under the laws of the state of Massachusetts. The general incorporating laws required the holders of the corporate stock to pay fifty per cen...
-B. Failure To Comply With Directory Requirements Does Not Destroy The Validity Of A Corporation
Story Case The Graymont Realty Company was organized under the laws of the state of Indiana for the purpose of dealing in real estate. After having engaged in business for several months, a quo war...
-C. Defacto Corporation Distinguished From De Jure Corporations
Story Case The legislature of the state of Iowa passed a law providing for the organization and incorporation of banking institutions. Under and by virtue of this law certain persons organised and ...
-D. Essentials Of De Facto Corporation
Story Case The general incorporation law of a certain state provided that corporations might be formed for general purposes by complying with the requirements set forth in the law. Among other requ...
-E. Partnership Liability In The Absence Of De Facto Incorporation
Story Case The general incorporating laws of the state of Wisconsin outlined the method and procedure of creating a corporation; among other things, it was provided that an organization should not ...
-3. Promotions And Promoters. A. Promoters - Their Relation To Corporations
Story Case Mr. B. H. Mann secured an option on some oil land. By the terms of the option, he secured the right to buy one hundred acres at $50 per acre. Not having a sufficient amount of capital to...
-B. Adoption Of A Promoter's Contract
Story Case Certain persons, three in number, decided to promote a corporation, which, when organized, should engage in buying timber, making it into lumber, and selling the lumber. Before the organ...
-III. Powers Of A Corporation 1. Incidental Powers
Story Case The Highland Steel Company was planning to erect a new plant near Chicago, on a tract of land formerly unused, and not very valuable. The directors knew that a town would grow up around ...
-2. Power To Hold Land
Story Case The Alice of Old Vincennes Hotel Corporation owned a large hotel near a mineral spring in Southern Indiana. In 1910, when the corporation was formed, it purchased five acres of land for ...
-3. Power To Enter Into A Partnership
Story Case In January, 1913, the First National Bank of Vin-cennes, loaned $10,000 to William Baker, and received from him, as collateral security, 100 shares in the Old Globe Stock Bank, a joint s...
-4. Power To Borrow Money
Story Case The Commonwealth Building and Loan Corporation was organized in a western state, under a law denying the corporation the power to borrow money more than twice the sum for which it was ca...
-5. Power To Make Negotiable Paper
Story Case Harry Moore was president of the Western Realty Corporation; Simon Crackel, the treasurer. Moore was in need of money and persuaded Crackel to make him a personal loan with the added se...
-6. Power To Give A Mortgage
Story Case The Centralia and Southern Railroad Company desired to raise funds for new rolling stock, and proposed to do so by means of a bond issue, secured by a deed of trust, covering all their c...
-7. Power To Act As Trustee And As Executor Or Administrator
Story Case Henry Burkhart had been, during his life, a director and generous contributor to the Parkside Orphan's Home, a private corporation. Upon his death, his will was found to contain the prov...
-8. Power To Purchase And Hold Its Own Shares
Story Case Irving Powell and Julius Frankel had discovered a very rich mine, which they had transferred to a corporation which they had formed, called the Sunrise Mines, Limited. They had retained ...
-9. Power To Hold Stock In Other Corporations
Story Case The Continental Southern Railroad was subjected to severe competition along part of its route by a smaller road, the Lexington, Springfield and Toledo Railroad. To eliminate this, its di...
-10. Power To Sell Or Lease Whole Plant
Story Case The Empire Bicycle Manufacturing Company was in poor financial condition. The diminished sale for bicycles had greatly reduced its sales; it had a very large plant upon which the taxes w...
-11. Construction Of Charter When Public Rights Are Involved
Story Case The Peoples' Street Car Company operated a line of electric street cars in the town of Decatur, Indiana, under a franchise secured from that state, and incorporated as a part of the char...
-IV. The Corporation And The State. 1. Power Of The Legislature Over Corporations
Story Case William Corbett, James Clark, and Henry Meade were the chief stockholders in the Globe City State Bank. This bank was chartered under the state law which provided that the stockholders o...
-2. Government Control Over Foreign Corporations. A. The Right Of A Corporation To Do Business In Another State
Story Case The Illinois Trust Company was a corporation, organized under the laws of the state of Illinois, to engage in the business of banking in the city of Chicago. After several years, it deci...
-B. The Method Of Control Of Foreign Corporations
Story Case By the laws of the state of Minnesota, it is provided, among other requirements, that no foreign corporation shall be entitled to carry on business within that state, without previously ...
-C. Effect Of Statutes Upon Contracts Of Foreign Corporations
Story Case The Shelby Lumber Company was a corporation, organized under the laws of the state of Mississippi. Its business consisted in buying timber, sawing it, and selling lumber. In order to dis...
-V. Ultra Vires Contracts Of Corporations. 1. The General Doctrine
Story Case The Chicago-Peoria Railroad Company was a corporation organized under the laws of the state of Illinois for the purpose of operating a railroad between Chicago and Peoria. The charter of...
-2. An Ultra Vires Contract Is Unenforcible
Story Case The Citizens' Gas Light Company, organized under the laws of the state of Wisconsin, and was given power to manufacture and sell gas in the city of Madison, for lighting and heating purp...
-3. Ultra Vires Transfer Of Property By A Corporation
Story Case The Home Insurance Company was a corporation organized under the laws of the state of South Dakota, with power to engage in the business of writing fire insurance policies. It had no pow...
-4. Acquisition Of Property By Devise Or Bequest
Story Case The law of the state of Ohio provided that religious, charitable, or educational corporations might hold real or personal property, not exceeding $1,000,000. The Fremont College was a co...
-VI. Relation Between The Corporation And Its Members. 1. Stock Subscription. A. Subscription Contract
Story Case Frank Corbett, Henry Knowlin, and Edward Comp proposed to organize the Pan-American Sales corporation to act as a selling organization in Sonth America. Corbett persuaded Andrew Bacon to...
-B. Conditional Subscription
Story Case Henry Thompson, Walter Pugh, and William Beachey were promoters working in the amusement field. Early in the year 1914, they started to promote a corporation to present a mammoth naval p...
-C. Subscription Based On Prospectus
Story Case In promoting a corporation for the purpose of conducting the business of manufacturing automobiles, James Donaldson and Godfred Camp issued a prospectus, in which the nature of the corpo...
-D. Secret Conditions
Story Case In promoting the New York - Chicago Air Line, Howard Lewis submitted this proposition to Meredith Burnham, a retired banker: Burnham should agree to place his name upon the subscription ...
-E. Subscriber's Right To A De Jure Corporation
Story Case Certain persons associated themselves together for the purpose of organizing a corporation to engage in mining and manufacturing. The law of the state, under which the corporation was ef...
-2. Capital Stock. A. Nature Of Capital Stock
St0ry Case Mr. H. G. Walker owed Mr. Massey $475. He refused or was unable to pay it. Mr. Walker, thereupon, brought an action against him upon the debt and recovered judgment for the debt and cost...
-B. Distinction Between Shares Of Stock And The Capital Stock
Story Case Mr. Brown was the owner of ten shares of stock in the Jackson Brick Company. Almost all of its property was real estate. Mr. Brown died, leaving among other property the stock in this co...
-C. Transfer Of Shares Of Stock. (1) Transfer On The Books Of The Company
Story Case Mr. H. J. Jackson was the registered owner of ten shares of stock in the Central Railway Company, for which certificates of stock had been issued to him by the corporation. He sold this ...
-(2) Rights Of Innocent Purchasers When The Transfer Is Fraudulent
Story Case Mr. J. K. Franklin was the registered owner of three shares of stock in the Massey Brick and Lumber Company. The company had issued to him certificates as evidence of his ownership of th...
-3. The Rights Of Members Of A Corporation. A. Right Of Subscribers To Subscribe To New Stock
Story Case The Portland Bank was incorporated under the laws of the state of Massachusetts, with a capital stock of $50,000, divided into 5,000 shares at $100 each. In its charter it was given the ...
-B. Right Of Shareholders To Dividends
Story Case The Hall Manufacturing Company was a corporation engaged in the manufacture and sale of cotton goods. It had a capital stock of $25,000, divided into shares of $100 each. At the end of t...
-C. Right Of The Stockholders To Inspect The Corporate Books
Story Case The Tennessee Steel Company was a corporation organized under the laws of the state of Tennessee for the purpose of manufacturing steel. It was suspected by many people that the corporat...
-D. Right Of Stockholders When The Directors And Majority Stockholders Are Acting Contrary To Power Of The Charter
Story Case The Norfolk Fire Insurance Company was a corporation, organized under the laws of the state of Virginia, for the purpose of insuring property against loss by fire. After continuing for s...
-E. The Right Of The Shareholders To Sue For The Corporation
Story Case The United Electric Company was a corporation, engaged in the business of manufacturing and selling electricity for lighting and other purposes. It built a new plant, and sold the old on...
-4. The Conduct Of Corporate Affairs. A. Corporate Meetings. (1) Right To Vote
Story Case Mr. Davis was the owner of ten shares of stock in the American Cotton Gin Company. An election of directors was announced for the 31st of January, 1915. Mr. Davis was taken ill a few day...
-(2) Cumulative Voting Voting Trusts
Story Case The Cleveland Subway Corporation was organized in Ohio with a capital stock of 100,000 shares, par value $100 a share. There were two groups or syndicates, who together owned ninety per ...
-5. The Management Of The Corporation. A. Powers Of Directors
Story Case The Michigan Lumber Company was a corporation organized under the laws of the state of Michigan. The corporation was engaged in the business of sawing timber into lumber and selling it. ...
-B. Corporation Doing Business With A Director
Story Case At the annual meeting of the directors of the People's Livery Company, the question of buying foodstuffs for their horses for the following year was considered. Mr. Nance, a stockholder ...
-Negotiable Instruments. I. The Law Of Merchants Originated In The Customs Of Merchants. A. The Trade Of Merchants Demanded Certain Standard Rules Known As The Law Merchant
Story Case Because of the stress in finance brought on by the Great European War, the ten banks of Springfield decided to settle their own financial balances by issuing certificates among themselve...
-B. At First The Law Merchant Was Confined In Its Application To Mercantile Transactions Among Merchants
Story Case The ten banks of Springfield were compelled by financial stress to issue certificate notes among themselves to settle their own balances. This was done to conserve their cash revenues. T...
-C. Law Merchant Is Now Applicable To All Persons And Transactions, And Is Regarded As A Part Of The Law Of The Land
Story Case Wayland Cullet gave Simon Newby the following instrument: $150. When I am in a position to pay bearer, one hundred fifty dollars, I will do this. (Signed) Wayland Cullet. N...
-D. Promissory Notes Became Negotiable By An Act Of Parliament
Story Case Daniel Waymen delivered the following instrument to yincent Hudson: $50. January 1, 1915. For brick, this day sold by Vincent Hudson, I promise to pay to his order, fifty dollars,...
-E. Commerce Early Demanded A Negotiable Instrument Of Trade. 1. Meaning Of The Term "Negotiability"
Story Case Courtney Montgomery gave his nephew a promissory note as a Christmas present. The note was executed as follows: $100. December 25, 1914. I, Courtney Montgomery, will pay Harold Mo...
-2. Distinction Between Assignability And Negotiability. A. Assignment Passes Merely The Interest Of The Assignor
Story Case Henry Sanaman entered into a written contract with Joseph Donovan by which it was agreed that Sanaman should deliver a bay horse to Donovan who promised to pay $100 on delivery. Immediat...
-B. Assignment Is Not Complete Without Notice To The Debtor
Story Case Albert Murphree owed James Wilson $600 for ten cars of brick, delivered in accordance with a written contract. Wilson sold the claim to Walter Ames for $500 on January 4,1915. On January...
-C. Negotiation Passes The Face Value Of The Instrument
Story Case Adolph Rush, a stock and bond salesman, sold to Clarence Wainwright ten shares of stock in the Great Falls Hydro-Electric Company. Rush represented these shares to be worth $125 each. Wa...
-D. The Purpose Of Negotiability Is To Allow Bills And Notes To Pass As Money
Story Case The Great Western Stone Company loaded two cars of granite stone for the Harper Construction Company, executing and sending the bill of lading to this company before the stone left the q...
-II. Essential Characteristics Of Negotiable Instruments. A. Requisites In Form. 1. A Negotiable Instrument Must Be In Writing
Story Case James Schouler delivered his own promissory note to Clarence Pound for $75. The entire note, except the amount payable, was written in ink. The sum payable - seventy-five dollars - was w...
-2. A Negotiable Instrument Must Be Signed
Story Case George Bispham dictated the following note to his stenographer, who copied it on a typewriter: $50. January 1, 1915. I promise to pay to Simon Lang's order the sum of fifty dollar...
-3. A Negotiable Instrument May Be Written With Pencil Or In Ink
Story Case Joseph Beal said to his son Francis: Son, give Gould my promissory note due in one month for that last delivery of hay. With a lead pencil, Francis wrote on a slip of paper as follows:...
-4. Date Of The Instrument
Story Case Simon Langdell purchased a horse from Emory Jarman who warranted the animal to be sound and free of all blemishes. Langdell gave Jarman a promissory note for $100 due in sixty days, in p...
-B. Requisites In Substance. 1. The Parties To A Negotiable Instrument Should Be Designated. A. The Maker Or Drawer Should Be Named Therein
Story Case Albert Dawson executed the following instrument, giving it to Ernest Miller: $200 John Huffcut, pay to my order, in sixty days, two hundred dollars, value received by you. The in...
-B. The Payee Of A Bill Or Note Should Be Named Therein
Story Case William McKinlock delivered the following instrument to Henry Hulbert in payment for an automobile: $400. I promise to pay to your order, in thirty days, four hundred dollars, for the C...
-C. The Drawee Of A Bill Should Be Named Therein
Story Case Howard Drew & Company, merchants, sold a stock of goods to Earl Simpson on January 14, 1915. On February 1, Drew & Company sent its collector, Edward Lund, to Simpson with the following ...
-2. A Bill Must Contain A Demand
Story Case Charles Kremer was indebted to Andrew Meade for a purchase of clothes. On the first of the month, after delivery of the order, Meade sent his collector to Kremer with the following instr...
-3. A Note Must Contain A Promise To Pay
Story Case Victor Dawson borrowed fifty dollars from Lawrence Bey and gave him the following paper: $50. I. 0. U. fifty dollars. To Lawrence Bey, or his order. (Signed) Victor Dawson. Bey had ...
-4. The Instrument Must Be Payable To Order Or To Bearer
Story Case Ray McDonald sold a wagon to George Clark, representing it to be made out of the best hickory wood. Clark gave in part payment a note as follows: $50. Oct. 1, 1914. I promise to p...
-5. There Must Be Certainty As To The Engagement To Pay
Story Case Frank Williams sold to Fred Fowler, trustee of the Guild estate, bonds which he had fraudulently acquired. Fowler gave Williams the following note in part payment: $500. December 14,...
-6. There Must Be A Certainty As To The Amount
Story Case The Western Furniture Company received the following instrument in part payment of furniture delivered: Oct. 4, 1914. I promise to pay to the Western Furniture Company, or order, the...
-7. There Must Be Certainty As To The Time Of Payment
Story Case Lloyd Ponce, the oldest son of Henry Ponce, a retired and elderly capitalist, was under obligation to a number of trades people who pressed him severely for payment of their claims. Fina...
-8. The Instrument Must Be Payable In Money
Story Case In January, 1915, The London War Relief Committee, a corporation, purchased ten thousand sacks of flour from the Western Milling Company, giving a note in payment, as follows: 1,000...
-9. There Must Be Delivery
Story Case In accordance with a contract, existing between Thomas Cooley in London, and James Barr living in Chicago, Cooley forwarded his note for $1,000 to the First National Bank of Chicago with...
-III. Necessity For Consideration In Negotiable Instruments. A. The Extent To Which The Ordinary Rules Of Consideration Are Applicable. 1. There Must Be Consideration As Between The Immediate Parties
Story Case Floyd Story was indebted to Hebird Washburn for $500, on an account several years old. Finally, Washburn proposed to Story that he give a promissory note, due in one year as evidence of...
-2. The Consideration Must Be Valuable
Story Case Joseph Chitty owed Simon Greenacre $400, which the latter had been trying to collect for two years. Finally, Chitty offered to pay, provided Greenacre gave him a discount of $50. Gree...
-3. The Consideration Must Be Valuable As Distinguished From A Consideration Which Is Merely Good
Story Case At the request of the New York Belgian Relief Committee Edward Early signed the following note: $50. January 15, 1915. I, Edward Early, promise to pay to the New York Belgian Reli...
-4. The Consideration Must Be Legal
Story Case On January 1, 1915, James Drew leased a small building belonging to Herman Baum and located near an entrance to the Panama Canal Exposition grounds in San Francisco. It was intended that...
-5. Inadequacy Of Consideration Is Not Material
Story Case James Ingram said to his nephew, Robert Moore, of whom he was very fond, Robert, I will give you one thousand dollars in one year's time if you will come into my bank and learn the busi...
-6. Lack Of Consideration May Be Raised As Between Indorser And Indorsee
Story Case Henry Wilkerson owned a promissory note whose face value showed a worth of $100, signed by Herbert Long. When the Belgian Relief Committee, an organization created to aid the European Wa...
-B. The Law Of Negotiable Instruments Contains Certain Rules Peculiar To Itself. 1. Consideration Is Presumed Between The Parties
Story Case Howard Day, a citizen of Southern California, executed and delivered the following instrument: $200. January 6, 1915. I promise to pay, to the order of the San Diego Exposition Fu...
-2. The Words "Value Received" Are Not Necessary In A Negotiable Instrument
Story Case Hays Hammond executed and delivered this bill of exchange to Jeannette Gilder: $50. January 15,1915. John Stillman, pay, in thirty days, to Jeannette Gilder, or order, fifty dolla...
-3. The Words "Value Received" Do Not Bar A Defense Of Lack Of Consideration
Story Case John Richards delivered the following instrument to the Bellview Hospital: $150. January 4,1915. For value received, I hereby promise to pay to the Bellview Hospital, or order, On...
-4. Lack Of Consideration Cannot Be Raised After The Instrument Has Passed To A Bona Fide Purchaser
Story Case Francis Lavery represented to Gideon Lanahan that the stock of the Rio Grande Plantation Company was worth $100 a share. In reliance on this statement, which was untrue, Lanahan purchase...
-IV. Rights And Liabilities Of The Parties. A. The Person Primarily Liable Is One Who, By The Terms Of The Instrument, Is Absolutely Liable To Pay
Story Case Edward Earl delivered the following instrument to Albert Lackner: $100. January 14,1915. Pay to the order of Albert Lackner in thirty days, one hundred dollars, payable at the Sec...
-B. The Party Of Secondary Liability Is One Who, By Terms Of The Instrument, Is Required To Pay, Provided Party Of Primary Liability Does Not Pay
Story Case Jacob Hall delivered the following bill of exchange to Edward Hilton: $50. February 2, 1915. Arthur Knauf, pay to Edward Hilton, or order, fifty dollars, in thirty days from date....
-C. The Liability Of The Maker Of A Note Is Primary. 1. The Maker Promises To Pay The Note According To Its Tenor
Story Case William Lacey purchased five shares of P. and S. W. Railway stock from Howard Leonard and gave him the following note as payment: $450. December 14,1914. I promise to pay to Howar...
-2. The Maker Admits The Existence Of The Payee, And His Then Capacity To Indorse
Story Case George Lake went to Hibernia, Illinois, representing himself as the agent of the National Auto Speedway Corporation, with offices in New York and Chicago. He explained to Walter Byron, a...
-D. The Liability Of The Drawer Of A Bill Is Secondary. 1. The Drawer States That The Drawee Will Accept And Pay The Instrument
Story Case Theodore Watson explained to Timothy Lane that he was in urgent need of credit to the extent of $2000, for one day's time, in order to successfully negotiate a land contract. Watson pers...
-2. The Drawer Promises That If The Drawee Does Not Accept And Pay The Instrument, And Proper Notice Be Given To The Drawer, He Will Pay
Story Case Hoxie and Smithson, an Illinois firm of furniture manufacturers, had sent a representative to South America who had sold several orders there. All the buyers had agreed to pay for the go...
-3. The Drawer Admits The Existence Of The Payee And His Then Capacity To Indorse The Instrument
Story Case Martin Peterson rented offices in a building managed as part of The Estate of Martha Spriggs. In payment of the rent for one month, he drew a bill of exchange upon a local broker again...
-E. The Liability Of An Acceptor. 1. The Acceptor Promises To Pay The Instrument According To The Tenor Of His Acceptance
Story Case M. Rodin, a purchasing agent for the French Government, bought a quantity of blankets from the firm of Massey & Company and gave in payment a bill drawn by him, as agent, upon Morgan & C...
-2. The Acceptor Admits The Existence Of The Drawer, The Genuineness Of His Signature, And His Capacity And Authority To Draw The Instrument
Story Case A rogue forged the name of Russell Green to a check for $847.72, upon the Inland Bank, where Green had an account. The check was indorsed in the name of the payee, and bore another indor...
-3. The Acceptor Admits The Existence Of The Payee And His Then Capacity To Indorse
Story Case In the days of slavery in the United States, a planter, Carter Kenyon, sent one of his trusted slaves to Charleston to transact various business, and to provide him with the necessary ex...
-F. The Liability Of The Indorser Of A Bill Or Note Is Secondary. 1. The Indorser Promises That The Instrument Will Be Accepted Or Paid
Story Case Nels Axelson, a carpenter employed by Frank Browning on a small job, was paid by Browning with a check for $4.75. Axelson stopped at the shoe store of his friend, Larson Martin, who gave...
-2. The Indorsees Engagement Is Conditional
Story Case Henry Heckman required money for his business, and applied for it to his friends, James Waller and George Manton. Neither desired to make the advance alone, and Waller's funds were tempo...
-3. The Indorser Promises That The Instrument Ts Valid As It Purports To Be
Story Case Matthews arranged with three of his associates to secure an advance of money, by means of their indorsement of his note. He made the note payable to them and signed it, and then went to ...
-4. The Indorser Promises That The Parties To The Instrument Are Competent
Story Case The city of Westvale issued a series of bonds in the form of gold notes for $1000 each, payable to the order of the holder only upon special indorsement by him and registration of the ...
-5. The Indorser Promises That He Has Good Title To The Instrument And The Right To Indorse
Story Case Harvey Wilkins indorsed to Samuel Strong, as security for money borrowed from him, a note made payable to a Sarah Hamilton and by her indorsed to Wilkins. When Wilkins did not repay the ...
-G. The Liability Of An Accommodation Party Is Secondary. 1. An Accommodation Party To A Bill Or Note Is Liable To A Holder For Value
Story Case In order to prevent action by his creditors at a time when he was temporarily unable to meet his bills, Martin Graves found it necessary to apply to his friend, John Bartlett, for assist...
-2. A Corporation As A General Rule Cannot Become An Accommodation Party
Story Case The American Box Company was a holding company with many subsidiaries, one of them being the Nan-tasket Paper Mills. To relieve a very pressing need of the American Box Company, the dire...
-3. A Partner Has No Implied Power Or Authority To Bind The Firm As An Accommodation Party
Story Case Percy Halloway, a partner in the wholesale glove business with Harrison Marley, indorsed the firm name of Marley & Halloway upon a note which his son, Frank Halloway, had made, payable t...
-4. An Accommodation Party Is Not Liable When The Credit Extended Has Been Diverted
Story Case A note made by James Hackett was held by the Inland Bank at its maturity. Hackett had induced his friend, Gerrard Walton, to make a note in his name, payable to Hackett, with which to d...
-V. Presentment And Acceptance. A. Presentment Is Necessary In Accordance With The Contract Of The Parties Secondarily Liable. 1. Drawer's Contract. A. Drawer Will Pay If The Drawee Does Not Accept, And He Is Duly Notified Of That Fact
Story Case A bill, payable in ninety days to Hertzog & Kranz, was drawn upon Bertrand Frankton by the Wiltshire Fabric Company, of whom he bought supplies. It was presented a few days after it was ...
-B. Drawer Will Pay If The Acceptor Does Not Pay, And Drawer Is Duly Notified Of That Fact
Story Case It was the regular practice of the Hilton Wholesale Grocery Company, if a bill was not paid at the first of the month, to draw upon its debtor at the fifteenth of the month. The bills so...
-B. A Bill Of Exchange May Be Presented For Acceptance. 1. A Bill Must Be Presented For Acceptance When Payable After Sight
Story Case Suit was brought by Carter Allen, the holder, against Bruce Hampton, the drawer, upon the following bill of exchange: $260. Valleytown, Ky., March 12,1904. Pay to the order of Matthe...
-2. If A Bill Is Not Presented For Acceptance, When That Is Required The Drawer And Indorsers Are Discharged
Story Case A bill payable ten days after the date of its issue, but providing that it should be presented for acceptance, was indorsed by James Harrington. On the day of its maturity it was present...
-C. A Bill Of Exchange Or Note May Be Presented For Payment. 1. Presentment For Payment Is Not Necessary To Charge The Person Primarily Liable On The Instrument
Story Case A bill of exchange which had been accepted by Weston Underwood was payable at his office at 92 Broad Street. On the morning of the day of its maturity, being reminded by an entry of that...
-2. Presentment For Payment And Notice Of Dishonor Are Necessary To Charge Parties Of Secondary Liability. A. Where The Instrument Is Payable On Demand, Presentment Must Be Made Within A Reasonable Time After Its Issue
Story Case In July, 1914, payment of a bill rendered by the Middie States Grain Company to the importing firm of Strauss & Pfederkranz, of Hamburg, was made by-means of a bill of exchange, payable ...
-B. Reasonable Time As To Checks
Story Case Tony Smietanka received his weekly pay in a check, which he indorsed each week to the saloon keeper on his way home. Quite unexpectedly, the factory in which he worked was closed on the ...
-C. When The Instrument Is Payable On A Day Certain, Presentment Must Be Made On The Day It Falls Due
Story Case A note, dated January 23, payable thirty days after date, was indorsed by the payee, Henry West, to Andrew Hollingsworth. The thirty days expired on February 22, which in that year came ...
-D. Presentment For Payment Must Be Made At A Reasonable Hour On A Business Day
Story Case In part payment for a moving picture theatre, the purchaser, Wallace Manchester, gave his note for $1,000, payable March 27. This note was indorsed by the payee, Henry Dillon, to the Mid...
-E. Presentment For Payment Must Be At The Proper Place
Story Case An accident in the foundry had kept George Pe-traski in the hospital for several weeks. When he came out he was able to secure work very soon, but needed money to pay his accrued rent, d...
-F. Where The Drawer Has No Right To Expect That The Drawee Or Acceptor Will Pay The Instrument, Presentment For Payment Is Not Required To Charge Him
Story Case The Central States Grain Company had regularly shipped grain to the firm of Anstadt & Bergmann in Hamburg, and drawn drafts upon them up to the amount of its price, after shipping the ca...
-G. Presentment For Payment Is Not Required In Order To Charge An Indorser Where The Instrument Was Made Or Accepted For His Accommodation, And He Has No Reason To Expect That The Instrument Will Be Paid
Story Case The daughter of Stuart Hodges was married to a young man, Duncan Prentiss, the owner of a small dry goods store of very unsatisfactory earning capacities. To tide over an emergency, Hodg...
-H. Presentment For Payment May Be Excused
Story Case For many years Carey Hutchinson had been in the business of erecting a special type of factory building. A part of this business he handled through a corporation called the Millarch Cons...
-I. Effect Of Failure To Present. (1) The Maker Of A Note Is Bound, Although The Note Be Not Presented On The Day It Falls Due
Story Case The following instrument was issued to the Metropolitan Trust Company in payment for the rent of a building which it held as trustee: 425. June 30,1915. We do hereby promise to pa...
-(2) The Acceptor Of A Bill Is Bound, Although The Bill Is Not Presented On The Day It Falls Due
Story Case The Province Bank accepted a bill due in thirty days, drawn on it by one of its depositors, in favor of Seymour Wallace. More than three months after the maturity of the bill, Wallace pr...
-E. Acceptance Of A Bill Of Exchange Is The Act By Which The Person On Whom The Bill Of Exchange Is Drawn Agrees To The Order Of The Drawer To Pay It. 1. Nature Of Acceptance
Story Case It always required a large amount of cash to pay the extra laborers which Carter Henderson employed to pick and ship his cotton crop. To provide this money, he was accustomed to draw a b...
-2. The Drawee Named In The Bill Is Not Bound Unless He Has Accepted The Instrument
Story Case The Salt Lake Distributing Company sold an order of miscellaneous merchandise to Oliphant Young, the keeper of the general store in Eureka, Utah. After thirty days, the company drew a bi...
-VI. Defenses. A. Personal Defenses. 1. Duress
Story Case One night, on his way home from his office, Herbert Lacey was held up at a lonely corner by two men with masks and guns. In his pocket they found a check for $750, payable to him, which ...
-2. Failure Or Lack Of Consideration
Story Case Nathan Strobridge, the inventor of a patented appliance, made a contract with Hermann Heuser, a manufacturer, to allow Heuser the exclusive rights under the patent for five years. In par...
-3. Payment
Story Case Abner Duckworth, having retired from farming with a comfortable accumulation of wealth, was able to assist his more needy associates. He made a loan of $500 to Sam Hobbleford, to enable ...
-4. Fraud In The Inducement
Story Case Stephen Deering was approached in his office one day by a man who introduced himself as Harry McDonald, saying that he was a close friend of Deering's brother and the proprietor of a bus...
-B. Real Defenses. 1. Incapacity Of The Party Sought To Be Charged
Story Case To aid her husband, Morris Folsom, Mrs. Folsom executed a note payable to him, signing her name Anna Vandewater Folsom. Mrs. Folsom belonged to a wealthy family and had a large personal ...
-2. Alteration
Story Case Mrs. Henry Peck paid her grocery bill with a check for $12.50. It was indorsed by the grocer, Richard Franklin, and sent with his day's collections to his bank, the Traders State Bank, f...
-3. Forgery
Story Case Upon a partial payment of an old debt, a note for $500 for the balance due was given to Simon Turner by Herbert Weatherby. The note was in a wallet which was lost by Turner, and next app...
-4. Fraud In The Nature Of The Instrument
Story Case A very convincing solicitor secured an order from Joe Karecki for a set of colored portraits of the Presidents of the United States. At the conclusion of the transaction, the solicitor e...
-5. Instruments Declared Void By Statute
Story Case A revenue law provided that all notes and bills of exchange should be required to bear a stamp, and that any such instrument issued without a stamp should be void and unenforceable. Shor...
-Banking. I. The General Nature Of Banking. A. The Right To Engage In Banking. 1. The Right Of Individuals
Story Case In Athens, Illinois, Jacob Spencer and Cyrus Bates were engaged in the banking business as partners, under the firm name of Spencer and Bates Banking Company. Bates had at various times,...
-2. The Right Of A Corporation
Story Case In the state of Arkansas, before the business of banking was in any way regulated or restricted, a charter of incorporation was granted to the Spring River Lumber Company. This corporati...
-B. The Functions Of A Bank. 1. Receiving Deposits
Story Case Having agreed to make a loan of $1,000 to Cornelius Wright, the Bedford State Bank took his note for that amount, payable in ninety days, and gave him credit on his account for the same ...
-2. Discounting Paper
Story Case Arthur Douglas held a note of one of his debtors, James Gordon, for $500, payable in six months, at five per cent, which he wished to convert into cash. One month after its issue, he too...
-3. Issue Of Bank Notes
Story Case A transaction in which he was engaged required of Louis S. Easton that he make a large payment on the first day of July. For several months preceding, he was collecting the money for thi...
-C. Kinds Of Banks. 1. Commercial Banks
Story Case The War Revenue Law of 1914 levies a tax upon bankers, measured according to the amount of their capital used in banking, and gives a definition of banking as used in the act. The Collec...
-2. Strict Type Of Savings Bank
Story Case The Mechanics' Mutual Savings Bank, in an advertisement to solicit more deposits, stated that it had for ten years paid its depositors interest at six per cent per annum. Persuaded by th...
-3. Capital Stock Savings Bank
Story Case The Colonial Trust & Savings Bank was incorporated to do a general banking, a savings bank, and a trust company business. It offered to pay three per cent upon savings deposits, and secu...
-4. National Banks
Story Case The Federal Reserve Act of 1913 established a new banking system in the United States, to be used in combination and co-operation with the existing system of banks. It created a Federal ...
-II. Deposits. A. Kinds Of Deposits. 1. General Deposit
Story Case Certain taxes in Alabama were required to be paid to the judges of the probate courts and by them delivered to the state treasurer. By the statutes, the judge is prohibited, under a pena...
-2. Special Deposit
Story Case Two friends of Frank Smalley were negotiating an important contract. They had agreed upon the chief proposition, but several details remained to be discussed, adjusted, and compromised. ...
-3. Specific Deposits
Story Case Martin and Gorham were Chicago commission merchants, with many rural clients who shipped their farm produce in for sale. According to the custom of that business, the goods would be rece...
-B. Rights Of Depositors And Duty Of Bank. 1. In Case Of Insolvency. A. General Deposit, Made Before Insolvency
Story Case On the third day of July, 1915, Stephen Ames took a number of checks which he had received in response to the bills sent out on the first of the month, and deposited them in his account ...
-B. Deposit After Insolvency
Story Case For several months, the directors of the Turko-American Bank had known that it was insolvent, but they had continued its operations in the hope of improving conditions. Many deposits wer...
-C. Special Deposit And Specific Deposit
Story Case Certain bonds of the National Mercantile Company were being refunded at their maturity for a new issue. In each large city, one or more banks were accumulating the old bonds owned by the...
-2. In Case Of Loss A. Special Deposit
Story Case Wiley Lanbridge, about to leave San Francisco on a long journey, deposited his valuables, securities, documents, and assortment of silverware, curios, and family jewels, in a special vau...
-B. Specific Deposit
Story Case A note was deposited for collection with the Stil-water Bank, by Samuel Jackson, indorsed by him, for collection and remittance of proceeds only. As the maker of the note lived in Mich...
-3. When The Bank May Mingle With Its Own Funds
Story Case In the will of Barrett Lawrence, a provision was made for a gift of $5,000 to a nephew, Henry Lawrence. Since the executor of the will, Andrew Glenn, was unable to find the nephew at the...
-4. Deposit For Collection. A. Collecting Bank Is An Agent
Story Case In payment of an account, Francis Parker took a note for $523, payable in sixty days, from Sidney Meagher, a customer in a small town some distance from the city where Parker was in busi...
-B. Rights Of One Who Deposits Paper For Collection
Story Case A check, indorsed for collection only, was deposited by Roy Watson with the Alexandria State Bank. It was forwarded by that bank to the Boston Mercantile Bank and again forwarded to the ...
-C. Checks On Depository Bank
Story Case Both William Hanford and Arthur Nelson had bank accounts with the Fifth Street National. One day a stranger, who had bought a seven dollar suit case in Nelson's store, asked him if he wo...
-D. Certificate Of Deposit. 1. Nature Of A Certificate Of Deposit
Story Case As treasurer of a newly organized country club, Stanley Ward deposited $300 in the National City Bank. As this was in autumn season, and he did not anticipate any need for disbursements ...
-2. Whether Demand Is Necessary
Story Case Dora Rathman deposited $250 in the Lincoln State Bank, receiving a demand certificate of deposit bearing five per cent interest. After her death, this was found among her papers, and her...
-E. Overdrafts
Story Case Elmer Hillis was the president of the Millvale State Bank, and in active charge of its operations. One of the customers of the bank, Martin Baxter, had received several loans from the ba...
-F. Lien Of A Bank
Story Case On July 1, 1915, the Hamilton Equipment Corporation had a balance of deposit with the Fort Dearborn National Bank, amounting to $875. On that day a note matured, in favor of the bank, fo...
-III. Checks. A. Nature Of A Check
Story Case Dennis McCarty was the manager of one of a chain of restaurants owned by the Condon Commissary Company. In accordance with his authority to make small purchases for the restaurant, he bo...
-B. Essential Elements Of A Check
Story Case The following instrument was offered to the Home Deposit Bank by one of its depositors: The Illinois Midland Railway. Allen S. Griswold is hereby entitled to receive $30.00 Thirty an...
-C. Liability Of A Drawer Of A Check
Story Case A suit was brought against Henry Perkins upon a check which he remembered having signed about a month before. He called up his bank and asked why the check had not been paid, and was inf...
-D. Liability Of An Endorser Of A Check
Story Case Edward Jamison made a deposit of several checks with his bank, the Maple Avenue Bank, and the amount was credited to his account. On the next day, he was notified that one of the checks ...
-E. Liability Of The Bank. 1. Liability To The Holder
Story Case The Bentham Printing Company sent out Harry Murray to collect bills from its customers. From Al Cohn he took a check payable to the Bentham Printing Company for $75 drawn on the LaSalle ...
-2. Liability To Maker
Story Case Nathan Sangerberg was eager to take advantage of a special offer which had been advertised to the general public. The offer stated that orders for the goods described must be received by...
-3. Payment By Bank Under Mistake As To Sufficiency Of Maker's Funds
Story Case With a check drawn by Jonathan Latimer, for $92, Arthur Underwood went to the drawee bank, the Central Trust, and received the cash on it. The next day he received a notice from the Cent...
-4. Effect Of Certification Of A Check
Story Case In order to comply with the conditions printed on his tax notice, John Fitzpatrick took the check with which he intended to pay his taxes, to his bank, and had it certified. It was of co...
-V. Clearing House System. A. Adjustment Of Daily Balance
Story Case The Grain Exchange Bank and the Garfield Park Bank were both members of the Chicago Clearing House. Every day, each bank sent to the clearing house all the checks or drafts upon other me...
-B. Effect Of Rules Upon Non-Members
Story Case Harry Forbes of Cairo, Illinois, was indebted to Edward McKay of Chicago, for $500. In order to pay this debt, Forbes purchased a draft from the First National Bank of Cairo, which read ...
-C. Clearing House Certificate
Story Case In the panic of 1907, when practically every clearing house association in the United States sought to relieve the currency stringency by the issue of clearing house certificates, the as...
-Real Property. I. The Nature Of Ownership In Land. A. Real Property And Personal Property Distinguished. 1. The Nature Of A Personal Chattel
Story Case Mr. Norton sold lot number 25 of block 10, in Evans-ville, Indiana, to Frank Sievers. After the latter had contracted to buy the lot, he was surprised one day to notice that Joseph Stryk...
-2. Annual Crops
Story Case Mr. Austin was a wealthy farmer living in eastern Iowa, where he had accumulated a fortune by raising corn. At the time of his death, in November, he had a thousand acres in corn, most o...
-3. Natural Fruits
Story Case Mr. Silas Hoover lived in southern Missouri during the Civil War. He owned a large orchard of apples, which were just ripening as the western wing of Grant's army was pressing through th...
-4. Buildings
Story Case Amos Davis owned the Champlain building, a fifteen story structure on State Street, Chicago. The Boston Store Company owned the balance of the block in which this building was located, a...
-5. Fixtures
Story Case James Davison owned a saw-mill, in which there was considerable machinery, including a mill chain for drawing logs up to the mill. The chain was thrown over a sprocket, and could be read...
-6. An Express Contract May Govern
Story Case Mr. Mark Hymen leased land from Mr. Robert Owens for twenty years. Upon a part of this lot he erected an oil refinery, and stipulated with Mr. R. Owens that the refinery should remain pe...
-7. Intention Of The Parties Determines The Character Of The Property
Story Case Samuel Brothers owned a movable photograph gallery, and usually stayed a comparatively short time in each locality where he did business. When he reached Blue Springs, Nebraska, he lease...
-B. Freehold Estates. 1. The Nature Of A Fee Simple
Story Case Mr. John Marlow became owner of a farm near Cairo, Illinois, by devise in his father's will. In July, 1915, he decided to dispose of his land and return to the city. Marlow opened negoti...
-2. Distinction Between Fee Simple And Life Estate
Story Case When Dr. 0. G. Wells died it was found that he had, in his will, made his wife life owner of the Mine of Tho-rah, stipulating that the remainder should go in fee simple to their son John...
-C. Life Estates. 1. General Characteristics Of A Life Estate
Story Case Mr. Silas Duncan died, leaving a will in which there was the provision that the farm in Michigan, my son John is to own until he dies, and after that I want my youngest nephew Frank to ...
-2. Taxes And Interest On Life Estate
Story Case When James O'Leary died, he left a skyscraper to his son in fee simple, but stipulated that his old friend and life-long chum, Mr. Leach, was to have an estate in the property for life...
-D. Estates Upon Condition And Restraints. 1. Qualified Fee
Story Case Mr. Henry Patton brought suit against Cyrus Field to recover a farm in southern Illinois, having been ejected when he tried to enter upon it. Mr. Cyrns Field insisted that he had paid fu...
-2. An Estate Upon Condition Requires A Re-Entry
Story Case Walter Davis, deceased, devised his land to Edward Davis, his son, in this manner: I hereby give my farm, known as the Four Corners, lying contiguous to the city of Chesterfield, to my ...
-3. Reasonable Restriction On A Fee Simple
Story Case Mr. Felix Ehrman owned a piece of land in the city of New York, for which the Pabst Brewing Company offered him an attractive price, expressly intending to locate a saloon upon the lot. ...
-4. Partial Restraint On Alienation
Story Case Mrs. Adam Reed of Worcester, Massachusetts, owned a rich estate in the Berkshire Hills, which she desired to have pass to her son Percival. The son, however, was a dissolute, careless fe...
-5. Restrictions Constituting Obligations Attached To The Land
Story Case Walter Mason developed Beatrice, Montana, as a town site. He flatted one hundred acres into lots, streets, and a park of five acres. This park was shown as existing in the center of the ...
-6. Condition Subsequent And Covenant Running With The Land Distinguished
Story Case Helen Grant owned a large tract of land in the city of Momence, Nebraska. She granted five acres of this land lying within the heart of the property to the Eastern and Atlantic Railroad ...
-E. Remainders And Reversions
Story Case Mr. Beale, a wealthy ranchman, during his lifetime, gave away one of his farms in the following words: I hereby give Meadow Grove farm to Mary Adams for her entire life. Mary Adams too...
-F. Conditional Estate Distinguished From A Trust Estate
Story Case The Greenfall estate, in eastern Connecticut, was found, upon the death of Mr. Charles Davis, the owner, to have been devised to Mr. Lloyd Jones on condition that he use the farm as a s...
-G. The Rule Against Perpetuities
Story Case Mr. Arnold Bender admired an illustrious lineage, and boasted untiringly of the virtuous ancestry of the Bender family and portrayed its glorious future. His acquaintances were, therefor...
-H. Wife's Dower Interest In Land. 1. Nature Of The Interest
Story Case Arthur Merriam, during the first ten years of his married life, acquired several lots of valuable real estate, but unfortunate investments forced him into bankruptcy. The trustee, Mr. Ha...
-2. Dower In Mortgaged Property
Story Case After the death of Mr. Hiram Thomas his executors were forced to dispose of most of his estate in order to pay the debts of Hiram, who had always lived beyond his income. In the sale, Mr...
-II. Use And Enjoyment Incident To The Ownership Of Land. A. Appurtenances. 1. The Nature Of An Appurtenance
Story Case Mr. Ryan owned two houses on the north shore of Lake Michigan, one of which he sold to Mr. William Davis of St. Louis, as a summer home. There was only one practical way to drain the rai...
-2. Things That May Be Appurtenant
Story Case George Miller owned two adjoining farms, one called Golden Oak Farm and the other the Home Farm. There were two wagon roads leading from the Golden Oak Farm to the main highway; one of t...
-3. General Nature Of An Easement
Story Case Simon Moore conveyed property consisting of a lot and a dwelling house of five rooms to James Henderson. This property adjoined other property belonging to Moore. The drain from the hous...
-B. Natural Rights. 1. No Right To Light By Prescription
Story Case Mr. Leon Holden built a skyscraper covering his entire corner lot on Wabash avenue, in Chicago, Illinois. Mr. Holden's building was valuable to shopkeepers, because of its great window a...
-2. Right To Air Free From Noises And Odors
Story Case Mr. Houseman was an ingenious soap maker, and supplied a very exclusive patronage in the fashionable sections of New York with a particularly excellent brand of soap. His factory, howeve...
-3. Surface Waters
Story Case Mr. Homer and his son-in-law, Mr. Mann, owned adjoining cranberry boggs in Plymouth, Massachusetts. Much of the surface water used to flood the lot of Mr. Mann came from the property of ...
-4. There Is No Right To Percolating Waters
Story Case Mr. Bowman lived just outside the city of Chattanooga, Tennessee, upon an estate that had been in the Bowman family for seventy years. The proudest possession of this estate was an artes...
-5. Right To A Reasonable Use Of Running Streams
Story Case The right of way of the Burlington railway ran over Fox Creek in northern Illinois. At the time the railway was constructed, the company engineers were of the opinion that no bridge was ...
-6. Right Of Adjacent Support Of Land
Story Case Marshall Field and Company constructed a subway across Washington Street near the intersection of Wabash Avenue in Chicago. The workmen used the precaution of placing supports against th...
-7. No Right Of Adjacent Support Of Buildings Story Case
While the American Construction Company was excavating a corner lot in New York City for a large building, the excavation, together with the heavy pavement adjoining, and the structure of the Metropol...
-III. Landlord And Tenant. A. Contract Of Lease
Story Case Mr. H. Arnold decided to spend the summer and autumn in California, and offered his house and lot for rent in the columns of the daily papers. Mr. Farlow was one of the many to answer th...
-B. A Lease For Years
Story Case Mr. and Mrs. Anthony Conner leased a flat in New York City. The terms of lease provided that the tenant was to occupy from April first, 1915, to March thirty-first, 1915, and that the to...
-C. Lodger And Tenant Distinguished
Story Case Mr. Story, an insurance agent, applied for a room in the house of Mr. and Mrs. Stone in Los Angeles. It was agreed that Mr. Story should occupy a certain room, the care and custody of wh...
-D. Lease Or Contract
Story Case When Mr. and Mrs. Ringer married, they decided to begin the purchase of their own home. Arrangements were made with the Own-Your-Own-Home Company whereby they were to move into a newly...
-E. Implied Covenants
Story Case . Mr. R. Anton was a painter and interior decorator. He entered into an agreement with his landlord, Mr. A. Frear, whereby it was agreed that Mr. Anton should thereafter pay rent in pain...
-IV. Mortgages. A. Mortgage Distinguished From Conditional Sale
Story Case Walter Davis owned a farm in Indiana consisting of one hundred acres, and worth $200 an acre. Davis lived upon the farm with his family in a residence, built in 1910, and costing $5,000....
-B. To Whom Payment May Be Made
Story Case William Howett borrowed $2,000 from the Lincoln Trust Company, giving the bank two negotiable notes, each for $1,000 and secured by a mortgage on his store. The notes were purchased from...
-C. Recording A Mortgage
Story Case James Dupree owned a farm of two-hundred acres, known as Peace Grove Farm, worth $10,000. Dupree borrowed $2,000 of Henry Walker, giving Walker as security, a mortgage upon the farm for ...
-Suretyship. I. Suretyship And Guaranty. A. Suretyship And Guaranty Distinguished. 1. Suretyship
Story Case Mr. Brubaker of Holmesville, Nebraska, while on a visit to Chicago, became interested in a piano in Lyon and Healy's show window, and tried to purchase the instrument. He could not pay c...
-2. Guaranty
Story Case During the winter of 1914 and 1915, the town of Beatrice, Iowa, suffered a general financial stringency. Black, the miller, was forced to discharge a large number of men. One day, as he ...
-B. Capacity To Become Surety Or Guarantor
Story Case The towns of Louisville and Princeton, North Dakota, voted a bond issue of $20,000 to aid in the construction of the Corn Belt Railroad. To make these bonds more salable, the Corn Belt R...
-C. Necessity For Consideration
Story Case William Sievers, while talking to the banker at Lyons, Colorado, learned that his friend, Peter Von Steen, had borrowed a large sum of money from the bank in order to plant his spring cr...
-D. Requirements Of The Statute Of Frauds. 1. A Guaranty Must Be In Writing
Story Case Jerome Streeter and Daniel Freeman were attending an auction sale of rare tapestries. Jerome Streeter had been bidding on a very rich hanging, a relic of the seventeenth century, but the...
-2. Consideration Must Be Stated In The Guaranty
Story Case Mr. Thomas Hilyard purchased of William Travers ten head of horses, promising to pay in thirty days. Mr. Travers hesitated to allow possession of the animals until he was reimbursed, but...
-E. Manner Of Determining The Relationship. 1. Use Of The Word "Guaranty"
Story Case Harry Drew was convinced in April, 1915, that Bethlehem Steel Company stock would rise in value to $160 per share. He visited the brokerage office of Burnham and Moorehouse on April 29, ...
-2. Joint Obligors Sustain The Relationship Of Surety
Story Case The Western Woolen Mills borrowed $10,000 in June of 1915 from the First National Bank of Lafayette, and $5,000 from the German National Bank, on notes, both of which were signed by the ...
-3. Non-Liability Of The Principal As A Test
Story Case Roy Gates, a young man of eighteen years, desired ardently to own an automobile. He tried to negotiate with the Overland agency in Chicago for the purchase of a car, making an offer to s...
-F. The Surety's Right Of Indemnity
Story Case Mrs. Hildebrand and her friend, Miss Bradley, were shopping together. In the window of the Ling Lo Curio Shop they saw displayed a handsome Japanese screen which delighted Miss Bradley. ...
-G. Surety's Obligation Discharged By Act Of Creditor
Story Case Mr. Lambert of Vincennes, Indiana, had an invention which he desired to place upon the market. To promote his scheme, he borrowed money from the Wymore Loan Association on a note secured...
-H. Creditor And Surety. 1. Creditor Loses Security Story Case
George Frey became surety on a note to the amount of $400, for the accommodation of Henry Howett. This note was indorsed to Victor Larsen, who, after its maturity and non-payment, secured judgment aga...
-2. Permitting Principal To Check Out Bank Deposit
Story Case The Western Malt Company borrowed $2,000 on May 1, 1915, from the first National Bank of Springfield, giving its own note, due in six months, and indorsed by Simon Fuller, a director of ...
-I. Co-Sureties. 1. Co-Sureties On Separate Instrument
Story Case The Los Angeles Construction Company purchased $2,000 worth of lumber from the California Lumber Company, giving its six months' Bote for $1,500 as part payment, indorsed by Winfield Mea...
-2. Contribution Between Co-Sureties
Story Case The World Film Corporation borrowed $10,000 from the Equity Trust Company, giving its own note, with Walter Johnson, its president, and George Simpson, a director, as co-makers. It also ...
-3. Relinquishment Or Loss Of Security By Co-Surety
Story Case Walter Davison, Richard Tuthill, and Carl Limbach were co-sureties on a note for $400. The note was not paid by the principal at its maturity, and when presented to Davison, he paid the ...
-II. Insurance. A. Insurable Interest (Fire Insurance). 1. Necessity For Insurable Interests
Story Case Mr. J. L. Ward, an old man in feeble health, owned extensive property, much of which consisted in houses. He had no confidence in fire insurance, and all of his buildings were uninsured....
-2. The Insurable Interest Of A Mortgagee
Story Case J. F. Kimball owned a race horse which he was unable to enter in the Derby because of lack of funds. He therefore mortgaged the animal to L. B. Powers, who advanced him $2,000 The latter...
-3. Insurable Interest Of A Mortgagor
Story Case James Pugh owned a storehouse valued at $10,000, upon which Oscar Brown held a mortgage to the extent of $9,000. Pugh took out an insurance policy upon the house for $6,000 after the mor...
-4. The Insurable Interest Of A Shareholder In A Corporation
Story Case Mr. Abe Martin, known among his business associates as a man of abundant caution, contracted with Mr. Arthur Tobin to buy forty shares of stock in a corporation owning a thriving powder ...
-5. The Insurable Interest Of A Creditor In The Property Of His Debtor
Story Case The German American Bank of Rosalie, Nebraska, had loaned a large sum of money to Aaron Walker, a farmer, and its chances of receiving payment depended upon whether or not Mr. Walker wou...
-6. Insurable Interest Of A Bailee
Story Case When Mr .Walter Tyler, a reserve officer in the English army, living in St. Louis, was called to his country's colors in August, 1914, he delivered his Packard motor car to James Stillwe...
-B. Insurable Interest (Life Insurance). 1. Business Associate
Story Case Mr. Cyrus Condor was a globe trotter who had visited many strange lands. While exploring an unfrequented part of the east coast of South America, he discovered what he deemed to be a ver...
-2. Creditor, Fiancee, Sister
Story Case Mr. Robert Lance, of Peoria, Illinois, was en route to his wedding accompanied by his sister, when the taxicab in which they were riding was driven into an open ditch, killing the driver...
-C. Assignee And Beneficiaries. 1. In Fire Insurance. A. Transfer Of Property
Story Case The State Cotton Company sold to Mr. Levinson, a broker in New Orleans, two hundred bales of cotton, agreeing to assign to Mr. Levinson a policy of insurance, purporting to protect the o...
-B. Consequences Of Assignment
Story Case Mr. Roy Severs built a new country house in La Grange, Illinois, and insured it in the Merchants' Fire Insurance Company for $20,000. Mr. Severs was given a special rate when it was unde...
-C. Appointment Of The Loss
Story Case Mr. Abraham Toplitz mortgaged his clothing store to Mr. Jacob Levinson, and agreed, at the same time, to insure the property. He took out a policy in the Continental Insurance Company in...
-D. The Beneficiary's Interest
Story Case Mr. Julius Harden, owner of a coast-wise steamship line gave to his youngest daughter for her birthday present, a policy of insurance on the thousand-ton freighter Knave plying between...
-2. In Life Insurance. A. Assignee's Interest
Story Case James King, an eccentric man, desired to give to his friend George Manning, an insurance policy for $5,000 covering his own life. Manning was in no way related to King, dependent on him,...
-B. The Interest Of The Beneficiary
Story Case Mr. Theodore Towning took out a policy of life insurance, making his mother beneficiary. Mr. Towning was addicted to the drug habit, and on one occasion, when out of money, took the poli...
-C. Violation Of Law By The Insured
Story Case John Carlson insured his life for $10,000, for the benefit of his wife, in the Old Globe Insurance Company. The policy contained a clause exempting the company from liability should the ...
-D. Representations And Warranties. 1. Representations. A. Duty To Volunteer Information
Story Case Mr. Charles Bowman was employed by the Chicago Brick Company as dynamite man, his business being to cave down the banks in the clay pits. For this purpose, dangerous explosives were used...
-B. Duty To Volunteer Information In Fire Insurance
Story Case Arthur Meeker bought a thousand cords of wood in the Oregon forests on July first, 1915. He was on the ground at the time of purchase, and wired orders to Chicago, Illinois, to protect t...
-C. Answers Of The Insured Must Be Substantially Accurate
Story Case Mr. Joseph Lippencott of Virginia had established the custom of giving each of his children a valuable farm as a wedding gift. When his daughter Sarah was married to Levi Hendrickson, sh...
-D. Good Faith Not Enough
Story Case Mr. Floyd Clark, agent for the Hill Steamship Line, applied for insurance to the Sunset Marine Insurance Company on the Pacific freighter, Conway, plying between San Francisco and Manila...
-2. Warranties. A. Statements Of Opinion
Story Case When Mr. Silas Arthur applied for insurance on his property, a frame house, the company asked certain questions; among others was the question as to the distance of his property from oth...
-B. Illustrative Language Held A Warranty
Story Case The Hartford Fire Insurance Company issued a policy to Mr. John Hopkins upon ten thousand barrels of turpentine in his warehouse in Memphis, Tennessee. The application and the policy eac...
-E. Friendly Or Hostile Fires
Story Case The Western Sugar Refining Company had its plant insured with the Guaranty Insurance Company. Owing to the misconduct of striking employees of the refining company, a flue of an oven in ...
-Sales. I. The General Nature Of The Contract. A. Sales At Common Law
Story Case Sam Bernstein, a junk dealer, had several tons of scrap-iron piled in his yard. The Western Molten Mills Company sent its purchasing agent to examine the scrap-iron and make a contract f...
-B. Distinction Between A Sale And Other Transactions. 1. Sale And Barter Story Case
Harry Moreland owned a Ford automobile which he desired to dispose of. He told his chauffeur, Max Plummer, that if he would find a buyer for the machine he should have a commission of $25. Plummer fou...
-2. Sale And Bailment
Story Case James Ferris left an Indian motorcycle with the Flying Merkel Repair Company to be overhauled and repaired. The following day John Adams instituted an action against the Flying Merkel Co...
-C. Sales Classified. 1. Conditional Sales. A. Condition Precedent
Story Case James Wiley, a boat builder, had a motorboat which he claimed could attain a speed of thirty-five miles an hour. Walter Desmond liked the boat very much and had expressed a desire to buy...
-B. Condition Subsequent
Story Case The Eastern General Supply Company entered into a contract with the Riverside Fruit Canning Company for the purchase of a carload of canned peaches. The terms of the contract required th...
-II. The Statute Of Frauds Portion Of The Statutes Relating To Sales
The English Statute of Frauds was adopted in the year 1677. The purpose of the statute, as its name indicates, was to eliminate, as far as possible, frauds and perjuries. This purpose was sought to be...
-A. Goods, Wares And Merchandise
Story Case Alex Johnson, a fruit grower, entered into an oral agreement with Martin Boynton, whereby Johnson agreed to sell and Boynton agreed to buy, for the sum of $2,000, the 1914 crop of pears ...
-B. Distinction Between Contracts Of Sale And Contracts For Labor And Material
Story Case The Hewitt Stationery Company ordered, orally, from the Press Printing & Binding Company, an allotment of blank paper tablets of various sizes. The printing and binding company was to fu...
-C. Compliance With The Statute. 1. Constructive Acceptance
Story Case Alfred Anderson had 500 sacks of wheat in the warehouse of Smith & Sons. The Globe Milling Company, by oral agreement, bought the 500 sacks from Anderson for $600. It notified Smith & So...
-2. Receipt And Acceptance
Story Case Charles O'Donnell agreed to purchase $200 worth of hoops from David Cross. The hoops were stored in the latter's warehouse. O'Donnell inspected and accepted the hoops, and then named the...
-3. Earnest Money And Part Payment Story Case
The Indianapolis Hominy Mills agreed, by an oral contract, to buy one hundred bushels of ground corn from the Vigo Mill Company for $60. It was agreed that the hominy company should furnish the sacks ...
-4. Memorandum Or Note In Writing
Story Case The sales manager of the United Railway Supplies Company agreed orally with the purchasing agent of the Northeastern and Southern Railway Company to sell the company a lot of switch sign...
-III. Passing Of Title. A. Risk Follows The Title
Story Case Arthur Hassel, of Paris, Illinois, owned a fine Per-cheron which he agreed to sell to the Armour Packing Company for $600. Charles Lemmel, buyer for Armour Company, made this agreement w...
-B. Passing Of Title Is Determined By The Intention Of The Parties
Story Case The Cotton Belt Company of Houston, Texas, agreed with Baron Schwartz, an agent of the German government, to sell the latter a full cargo of cotton, to be transported on the steamship Da...
-C. Presumption Is In Favor Of A Bargain And Sale
Story Case Mr. Robert Hanson made arrangements with the Illinois Steel Company to purchase ten five-ton girders, to be used in the construction of a foundry on the outskirts of Peoria, Illinois. Mr...
-D. Sales C. O. D
Story Case The Federal government passed an act forbidding the sale of all injurious, nerve-affecting drugs to any person within the United States. One-eyed Ruef of the underworld, often in the h...
-E. Sale Of Specific Goods
Story Case Mr. Percy Hammond made his usual trip to Chicago to purchase a supply of spring clothing for retail in his store in Newton, Illinois. He went to the wholesale department of Leiber and So...
-F. Sale Of Goods Which Are Not In A Deliverable Condition
Story Case Mr. Adolf Kleiner, buyer of leather for the Florsheim Shoe Company, came to Chicago and personally selected five thousand green hides at the tanneries of Marley and Sons. Mr. Kleiner a...
-G. Sale Of Fungible Goods
Story Case Harvey Andrews, a grain merchant, sold to Walter Bowers, a cattle raiser, one hundred tons of hay. This was part of a total of five hundred tons which were stored in Andrews' warehouse. ...
-H. Title To Goods Not In Existence
Story Case The Russian Government, through its consul in New York, ordered 10,000 army wagons from the Springfield Wagon Company. The Russian Government paid cash in advance, giving special, minute...
-IV. Performance Of The Contract Of Sale. A. Delivery. 1. When Delivery Is Not Required
Story Case The Turkish Government, through its agent, made an agreement with the American Electrical Company by which the electrical company undertook to furnish the Turkish Government with the ele...
-2. Constructive Delivery
Story Case John Bryson, broom manufacturer, at Canton, Illinois, called Friday at the farm of Jeremiah Hawkins, and purchased the entire standing crop of broom-corn from the latter. Before he left,...
-3. When The Amount Delivered Is Different From That Stipulated
Story Case The George Orlove Company of Hartford, Connecticut, ordered 10,000 barrels of flour of the B. A. Eckhart Milling Company of Chicago, Illinois. The price agreed upon was $4.90 per barrel....
-B. Warranties. 1. Warranty As A Statement Of Fact
Story Case After negotiating for some time, Abram Schuyler agreed with the Mitchell Company to purchase a Wood's electric. The machine was not new, but the Mitchell Company stated repeatedly that i...
-2. Jury Must Determine Whether Words Are Statement Of Fact Or Opinion
Story Case Mr. Mauriss Cohen desired to purchase a building lot in the business district of the City of Chicago. After some negotiations with Mark and Company, real estate agents, he decided upon a...
-3. Express Warranties. A. Scope Of An Express Warranty
Story Case George Lewis, an experienced boarding stable keeper, negotiated with a horse trader, Joseph Jenkins, concerning a horse. He described to Joe the kind of an animal he desired, and then ...
-B. Words Of Description Do Not Amount To A Warranty
Story Case The First National Bank of Memphis ordered from the Williams Novelty Company, 10,000 novelty advertising calendars. The novelty company wrote the bank as follows: We agree to make you 1...
-4. Implied Warranties. A. Implied Warranty Of Title
Story Case George Warner met a stranger on the train who sold him a gold watch for the sum of twelve dollars. He exhibited his bargain to the town postmaster, Mr. Jonah Hopkins became interested in...
-B. Implied Warranty Of Quality. (1) Caveat Emptor
Story Case Brown and Son, tool-handle manufacturers, being out of material, telegraphed to Jenkins Dibble, a farmer in Ohio, as follows: Will pay eight dollars a cord for ash sapplings cut on your...
-(2) Sale Of An Article For A Specific Purpose
Story Case On January first, the Woolworth Ten-cent Store Company bought 200,000 wire coat hangers from the Chicago Wire-weaving Company. One year later, the Woolworth company brought suit against ...
-(3) Sale By Sample
Story Case When Mr. Archie Klemmer, agent for the Pittsburg Glass and Paint Company, called on his old customers, Randall and Sons, painters and decorators, he told them of a new putty which was su...
-C. Receipt And Acceptance By Buyer. 1. Retention Of Goods As Acceptance
Story Case Mr. George Oberon, seed distributor, ordered and paid for ten bushels of red-top turnip seed from the Saltzer Seed Company, relying upon samples shown him by the agent of the seed concer...
-D. Vendor's Lien
Story Case Mr. Rudyard Farlow visited the Barns Linseed Oil Distributing Company and bought twenty barrels of XX pure linseed oil. The twenty barrels were set aside and marked with Mr. Farlow's mar...
-E. The Right Of Stoppage In Transit
Story Case The Interstate League Baseball Club bought 5,000 base-balls of the Spaulding Athletic Company, giving a check for $5,000 in full payment. After the balls had been shipped, the Spaulding ...
-The Uniform Sales Act. Part I. Formation, Of The Contract
(Adopted Verbatim in Many States and Followed as Common Law in the Other States.) Section I (1) A contract to sell goods is a contract whereby the seller agrees to transfer the property in goods...
-Formalities Of The Contract. Section III
Subject to the provisions of this act and of any other statute in that behalf, a contract to sell, or a sale may be made in writing, either with or without seal, or by word of mouth, or partly in writ...
-Subject-Matter Of Contract. Section V
(1) The goods which form the subject of a contract to sell may be either existing goods, owned or possessed by the seller, or goods to be manufactured or acquired by the seller after the making of the...
-The Price. Section IX
(1) The price may be fixed by the contract, or may be left to be fixed in such manner as may be agreed, or it may be determined by the course of dealing between the parties. (2) The price may be ma...
-Conditions And Warranties. Section XI
(1) Where the obligation of either party to a contract to sell or a sale is subject to any condition which is not performed, such party may refuse to proceed with the contract or sale, or he may waive...
-Part II. Transfer Of Property As Between Seller And Buyer
Section XVII Where there is a contract to sell unascertained goods no property in the goods is transferred to the buyer unless and until the goods are ascertained, but property in an undivided shar...
-Transfer Of Title. Section XXIII
(1) Subject to the provisions of this act, where goods are sold by a person who is not the owner thereof, and who does not sell them under the authority or with the consent of the owner, the buyer acq...
-Part III. Performance Of The Contract
Section XLI It is the duty of the seller to deliver the goods, and of the buyer to accept and pay for them, in accordance with the terms of the contract to sell or sale. Section XLII Unless o...
-Part IV. Rights Of Unpaid Seller Against The Goods
Section LII (1) The seller of goods is deemed to be an unpaid seller within the meaning of this act: (a) When the whole of the price has not been paid or tendered. (b) When a bill of exchange...
-Unpaid Seller's Lien. Section LIV
(1) Subject to the provisions of this act, the unpaid seller of goods who is in possession of them is entitled to retain possession of them until payment or tender of the price in the following cases,...
-Stoppage In Transit. Section LVII
Subject to the provisions of this act, when the buyer of goods is or becomes insolvent, the unpaid seller who has parted with the possession of the goods has the right of stopping them in transit; tha...
-Resale By The Seller. Section LX
(1) Where the goods are of a perishable nature, or where the seller expressly reserves the right of resale in case the buyer should make default, or where the buyer has been in default in the payment ...
-Rescission By The Seller. Section LXI
(1) An unpaid seller having a right of lien or having stopped the goods in transit, may rescind the transfer of title and resume the property in the goods, where he expressly reserved the right to do ...
-Part V. Actions For Breach Of The Contract. Remedies Of The Seller. Section LXIII
(1) Where, under a contract to sell or a sale, the property in the goods has passed to the buyer, and the buyer wrongfully neglects or refuses to pay for the goods according to the terms of the contra...
-Remedies Of The Buyer. Section LXVI
Where the property in the goods has passed to the buyer and the seller wrongfully neglects or refuses to deliver the goods, the buyer may maintain any action allowed by law to the owner of goods of si...
-Part VI. Interpretation
Section LXXI Where any right, duty, or liability would arise under a contract to sell or a sale by implication of law, it may be negatived or varied by express agreement or by the course of dealing...
-Public Service Corporations. I. Nature Of Public Calling
Story Case The Inter Ocean Publishing Company owned a daily newspaper in Chicago, called the Inter Ocean Daily. The company had for several years been receiving its foreign news from the Associated...
-II. Obligations Of Public Service Companies. A. Duty Of Equal Service To All
Story Case The Consumers Gas Trust Company was organized to construct and maintain a natural gas line in Gains-ville, Indiana, to supply the citizens of the town with natural gas. The company had b...
-B. Compensation Of Public Service Company
Story Case Walter Hildebrand, a citizen of Owensboro, Kentucky, applied to the Owensboro Gas Light Company for permission to use its gas. The company demanded a deposit of $20 as security for the u...
-C. Public Service Companies As Trustees Of Their Business
Story Case The Central Elevator Company operated a group of public elevators in the state of Illinois, where it charged a maximum rate, as fixed by the state commission, for its storage space. The ...
-D. Refusal To Serve A Rival
Story Case The Sullivan, Decatur Interurban Railroad was a line running from Sullivan, Indiana, to Decatur, Illinois, crossing the Wabash River at Brownstown, contiguous to the tracks of the Ohio &...
-E. Limited Obligation, Of A Public Service Company
Story Case James Linn, with his wife and four children, resided in Chicago, until June 1, 1915. In June of that year, the Linn family discontinued its home. The wife and four children moved to Lake...
-F. Extraordinary Liability Of Innkeepers, Common Carriers And Warehousemen
Story Case Lowe was a passenger on the Santa Fe Railroad, riding in a sleeping car, belonging to the Pullman Car Company, from Chicago to Kansas City. When he entered the car, he gave his luggage t...
-III. Common Carriers. A. Distinction Between Common Carriers And Other Carriers
Story Case James Drew, living in Wichita, Kansas, owned a Ford automobile, and operated a transfer service, carrying both passengers and their baggage, between the local railroad station and the to...
-B. Express Companies
Story Case Mr. John Arthur, of Hartford, Connecticut, conceived the idea of operating an express business on his own initiative. He advertised that he would transport packages of less than twenty-f...
-C. Railroad As Carrier Of All Kinds Of Goods
Story Case The New York Daily Press made a contract with the New York & Eastern Railway Company, whereby it guaranteed a revenue of $200 a day from a new train, placed in operation by the railroad ...
-D. Facilities For Carriage. 1. Reasonable Facilities
Story Case Mr. Allen, who cultivated 5,000 acres of wheat in North Dakota, anticipated a large crop, and applied to the Northern Railway for cars. The railway company promised to have in readiness ...
-2. When. Preference May Be Made
Story Case Mr. Armstrong and Mr. Davis, of Stoneville, drove to the Stoneville station Saturday afternoon, and ordered cars for freight shipment. Mr. Armstrong-loaded his car with bailed alfalfa, a...
-3. Perishable Goods
Story Case The Blue Valley Fruit Company, located at Walton, Missouri, consigned to the Chicago, Burlington and Quincy Railway Company, fifty crates of pineapples for shipment to its branch house i...
-4. Notice By The Shipper
Story Case The Illinois Steel Company took a contract to furnish the structural steel for five skyscrapers to be erected in New York City. When the steel was ready for shipment, the company's repre...
-5. Right To Make Rules As To Shippers
Story Case The Western Live Stock Company owned the only live stock yards operating in the town of Lockport, Nebraska, prior to the year 1915. Early in 1915, the Consumers' Stock Yards Company was ...
-E. Receiving Freight. 1. Carrier Must Receive Freight
Story Case The Buffalo and Canadian Railroad Company established a rule to the effect that it would refuse shipments of eggs and butter, unless the commodities were packed in Hazleton's patented en...
-2. Strikes And Mob Violence As An Excuse
Story Case The skilled freight handlers of the New York Eastern Railroad Company left its service on account of a disagreement about wages. The workmen had been receiving seventeen cents per hour, ...
-F. Duty To Deliver To The Consignee. 1. Time And Manner Of Delivery
Story Case The Wisconsin and Northern Railroad Company made a ruling to the effect that it would deliver wheat in Milwaukee at the elevators of the Western Grain Company, and none other. The Whitin...
-2. Delivery To The Wrong Person
Story Case A swindler, operating in East St. Louis, Illinois, wrote to the United Candy Company in Chicago, for quotations on its chocolates in bulk. The swindler used the name of a well-known cand...
-G. The Liability Of A Common Carrier. 1. When The Liability Attaches
Story Case The Empire Plough Manufacturing Company was engaged in the business of manufacturing farming implements in South Bend, Indiana. The Farmers' Supply Company of Nashville, Tennessee, had p...
-2. Loss Due To The Inherent Nature Of The Goods, Or Negligence Of The Shipper
Story Case Richard Olsen delivered a car of cattle to the Northeastern and Northern Railway Company for shipment to Chicago on Saturday night, for the market of Monday morning. While in transit, th...
-3. Loss Caused By An Act Of God
Story Case The Farrell Dry Goods Company loaded a car of freight in Dayton, Ohio, for shipment to Walton, Pennsylvania, over the Pennsylvania Railroad. The car was billed out on March 29, 1913, but...
-4. Limiting Liability. A. Release Of Liability For Negligence
Story Case The New Albany and New York City Express Company was engaged in a heavy motor truck service between New York City and northern points in the same state. James Mynard engaged the company ...
-B. Limiting Time Within Which A Claim For Damages May Be Made
Story Case The Indiana Interurban Railroad Company posted notices in all its passenger and freight receiving stations, to the effect that all claims for damages or loss of goods must be made within...
-5. Limiting The Amount Of Liability
Story Case The Minnesota Horse Company delivered two cars of horses to the Northeastern Railway Company, consigned to the agency of the British War Department in Chicago. The bill of lading was a s...
-H. When Liability Of Common Carrier Ceases. 1. Three Rules
Story Case The Dalton Talking Machine Company made frequent shipments from its factory in Trenton, New Jersey, to New York City, over the New Jersey and Northern railway line. When the shipments re...
-New Hampshire Rule
Ruling Court Case No. 2. Moses Vs. Boston And Maine Railroad Company, Volume 32 New Hampshire Reports, Page 5 Moses delivered wool to the Boston and Maine Railroad Company at Exeter, New Hampshire,...
-Michigan Rule
Ruling Court Case No. 3. Fermer Vs. Buffalo Railroad Company, Volume 44 New York Reports, Page 505 Furniture, belonging to Fenner, was delivered to the railroad company, directed to Fenner, at Dunk...
-I. Connecting Carriers. 1. Forwarding Liability
Story Case The United Film Corporation sent a shipment of scenery via the New York Central Railroad, from New York City, destined for the Federal Picture Show Company at Milwaukee, Wisconsin. It wa...
-2. Right Of A Connecting Carrier To Benefit Of Contracts Made With First Carrier
Story Case The Alton Wagon Company delivered a consignment of wagons to Monroe City, Indiana. The Mississippi Valley Company provided a clause in all of its bills of lading, freeing the company fro...
-3. Lien Of Connecting Carrier
Story Case The Detroit Express Company included among its customers the Detroit Tire company, for whom it made daily deliveries of freight to and from its plant. The express company sent in its bil...
-J. Specific Duties And Liabilities Of Carriers Of Passengers. 1. When The Relationship Of Passengers Begins
Story Case The Western Missouri Railroad Company's station at Dalton, Missouri, was about two miles from the business section of the town. In order to facilitate the travel of its passengers, the c...
-2. Possession Of A Ticket By A Person
Story Case Richard Folsom purchased a ticket at the station of the Baltimore and Ohio Railroad, at Flora, Illinois, intending to ride on the company's Sunday excursion train to St. Louis, Mo. After...
-3. When A Person Becomes A Passenger Of A Vehicle That Stops On Signal
Story Case James Upham signaled a street car on Pine Street to stop and permit him to enter as a passenger. The motorman stopped the car, but Upham delayed, and before he had entered the car the co...
-4. Degree Of Care Required Of A Carrier Of Passengers
Story Case Simon Duncan engaged passage from Gainesville, Florida, to Dalton, Florida, over the line of the Florida West Coast Railway Company. All of the trains of this company consisted of combin...
-5. Termination Of The Relation
Story Case The Boston and Bangor Steamship Company conducted a line of steamboats from Boston to Bangor. One of the stopping places was Rockford, which was reached at breakfast time. Fred Dodge bou...
-6. Baggage
Story Case Donald Ellis bought a passenger ticket in Chattanooga, Tennessee, to New Orleans, for carriage over three roads, the last being the St. Louis and Gulf Railroad Company. When Ellis arrive...
-IV. Public Service Corporation Finance. A. Mortgages In The Form Of Trust Deeds
Story Case The Fort Kennedy Log and Lumber Railroad Company owned, in fee simple, ten miles of railroad track and equipment, worth $100,000. In the year 1890 it conveyed the title to this land to t...
-B. Statute May Provide A Mortgage To Secure Bonds
Story Case The Brunswick and Florida Railroad issued its bonds without securing them by mortgage. Subsequently, it issued other bonds, specially providing for a trust deed security. When default wa...
-C. Negotiability Of Corporation Bonds
Story Case The Blue Valley Irrigation Company owned irrigation property worth $500,000. It was capitalized and had outstanding $500,000 in capital stock. Against the objection of the minority stock...
-D. Foreclosure And Re-Organization Story Case
The Vicksburg, Shreveport, and Texas Railway Company issued bonds to the amount of $761,000, and secured them by a mortgage upon its railroad and franchise and personal property, together with more th...
-D. Foreclosure And Re-Organization Story Case. Continued
Ruling Law. Story Case Answer On the failure of a corporation to pay its obligations to bondholders, they usually have their remedy by the regular method of foreclosure under the mortgage, called t...
-E. Appointment Of A Receiver
Story Case The St. Louis and Iron Mountain Railroad was organized as a consolidation of several other companies, which had built practically the entire road before the new company was organized. Ea...
-V. Valuation Of Public Service Corporations. A. Distinction Between Valuation For Rate And Purchase Purposes
Story Case The public service commission of the State of New York fixed the rate of charging for electricity by the Cataract Power Company to its consumers. In doing this, it determined the value o...
-Distinction Between Valuation For Rate And Purchase Purposes. Part 2
Ruling Court Case No. 2. The Minnesota Rate Cases, Volume 230 United States Reports, Page 352 The Railroad and Warehouse Commission of the State of Minnesota, pursuant to an act of the legislature ...
-Distinction Between Valuation For Rate And Purchase Purposes. Part 3
In so far as the equipment of the railroad had been valued on the basis of the cost of reproducing it, the court held that the value so found would necessarily be reduced by the estimated depreciation...
-Interstate Commerce. I. Meaning Of The Word, "Commerce". A. Commerce Is Business Intercourse
Story Case The Federal Trade Commission, established by Congress in 1914, is given jurisdiction to supervise and regulate corporations, firms, and individuals engaged in commerce between the states...
-B. Whether Commercial Purpose Is Necessary
Story Case Mr. James Burnham conducted a ferry, crossing the Ohio River at Cairo, Illinois, from Cairo to a small town in Kentucky, on the opposite side of the river. The state of Kentucky passed a...
-C. Transportation
Story Case The Sound Line Navigation Company, a corporation, operated a line of small steamboats between points on the Illinois River, wholly within the state of Illinois. It carried local freight ...
-D. Transmission Of Intelligence
Story Case The South Shore Telephone Company maintained a system of telephones between Gary, Indiana, and South Chicago, Illinois. It charged a rate of fifteen cents per call for the use of its wir...
-E. Manufacture Is Not Commerce
Story Case The American Sugar Refining Company, a corporation existing under the laws of the state of New Jersey, was engaged in the manufacture of refined sugar. It was a large corporation and had...
-F. Bestowing Labor Upon Articles And Returning Them
Story Case We Knock The Spots was the name of a company doing a clothes cleaning business in St. Louis, Missouri, with its cleaning shop in East St. Louis, Illinois. The company owned ten deliver...
-G. Distinction Between Commodities Of Value And Things Which Represent Value
Story Case The Schultz and Henry Coupon Company conducted a large business in New York and Chicago through a trading stamp method. It maintained stores in these two cities to redeem trading stamps ...
-H. C. O. D, Orders And Delivery By Traveling Salesmen
Story Case Abel Woodford, agent for the St. Louis Photographic Company in Alabama, solicited orders for picture enlargement, for which the purchaser agreed to pay a stipulated price. The purchaser ...
-I. Itinerant Salesman
Story Case The Wear Well Aluminum Company engaged young men who attended college during the winter, to sell kitchen ware to housewives during the summer vacation months. James Bowman of Princeton U...
-J. When Route Between Two Points In One State Lies Partly In Another State
Story Case The state of Pennsylvania passed a law taxing the receipts on transportation within the state, including such transportation as lay between two points within the state, although part of ...
-K. Agreement Of Stock Brokers, Distinguished From Agreement Of Sellers
Story Case The New Orleans Cotton Exchange is an organization created among the cotton brokers of that city to regulate the manner of buying and selling cotton. James Drew was the manager of the ex...
-II. Nature Of Power Of Congress A. Subjects National In Scope
Story Case The state of California passed a law levying a tax upon bills of lading for gold and silver transported from any place in that state to another out of the state. Almy opposed this law, r...
-III. Nature Of The Powers Of The State. A. State Police Power As Affecting Commerce
Story Case In order to more effectually regulate the consumption of liquor in the state, South Carolina passed a law making it illegal to have any liquor in one's possession purchased outside of th...
-B. When The Right Of The State To Tax Ceases. 1. Tax Upon Exports
Story Case On April first, the Pittsburg Coal and Mining Company had loaded ten barges of coal in Pennsylvania for shipment on the Ohio River to Cincinnati, Ohio. The barges belonged to the Western...
-C. The Right Of States To Tax Imports. 1. Arrival Of Goods At Destination
Story Case The General Oil Company, a Tennessee corporation, engaged in the manufacture and sale of coaloil throughout the various states, with its principal plant in Pennsylvania, maintained a shi...
-2. The Original Package Doctrine
Story Case The Welke Oleomargarine Company maintained a central warehouse and office in Chicago, Illinois, and owned plants in Ontario, Canada, and Detroit, Michigan, manufacturing oleomargarine. O...
-IV. Anti-Trust Legislation A. Common Law Rule In Regard To Restraint Of Trade
Story Case Walter Drew lived in Indianapolis, Indiana, where he conducted a bakery, having a splendid local reputation as Drew's Dandy Bakery. In January, 1915, he made a contract of sale with H...
-B. The Sherman Law
Story Case The bridge building concerns, operating exclusively in the states west of the Mississippi River, were in strong competition with each other, so that none of them made any profit. The pre...
-C. The Sherman Law Was At First Construed As Being Broader Than The Common Law
Story Case The United Brick Company was organized in New York to place the brick manufacturing business on a remunerative basis. There are thirty brick yard companies owning yards about the city, a...
-D. The Sherman Act Construed In The Light Of The Common Law
Story Case The Bay Transportation Company, a partnership, owned a shipping business on the Ohio River. It operated a line of boats up and down the river from Cincinnati. The company's boats were ol...
-E. Injury Or Benefit To The Public
Story Case The Standard Oil Company of New Jersey was formed in the year 1899, as a holding company. The laws of New Jersey permitted one corporation to own stock in another, and it was under this ...
-F. Size As A Test
Story Case All of the trans-Atlantic steamship lines, with the exception of a few small companies, entered into an agreement, known as the North Atlantic Conference, to apportion among themselves t...
-F. Size As A Test. Continued
Ruling Court Case No. 2. United States Vs. United States Steel Co., United States District Court Of New Jersey, June, 1915 The United States Government brought this action against the United States...
-V. Clayton Act - Price Discrimination Clause. A. Statutes Prohibiting Price Discrimination. 1. Legislatures Have Power To Prohibit Discrimination
Story Case The Federal Anti-Trust Act of October 15, 1914, known as the Clayton Act, provides, in Section 2, that it shall be unlawful for any person engaged in interstate commerce to discriminate ...
-2. Discrimination May Be Prohibited Only If It Has Consequences Of Public Importance
Story Case The legislature of a newly settled state, having pursued a program of enacting into law all of the most modern ideas of reform, had come to feel the responsibility of providing for all t...
-Business Law Forms. Acknowledgments. (1) General Acknowledgment
State of Illinois, County of Cook. ss. I, Richard Roe, a Notary Public in and for Cook County, hereby certify that John Doe, personally known to me as the person whose name is subscribed to the abo...
-(3) Acknowledgment Taken Outside The State
State of New York, County of Erie. ss. BE IT KNOWN, That on the 15th day of June, 1914, in the State and county aforesaid, before me, a Commissioner, residing in said State and duly appointed by th...
-Affidavits. (1) General Form Of Affidavit
I, Richard Roe, of the City of New York, County of Erie, and State of New York, being duly sworn, depose and say: (Here insert the body of the affidavit, setting forth what the maker of the affidavit ...
-Affidavit By An Agent
Richard Roe, of the City of Chicago, County of Cook, and State of Illinois, being duly sworn, says that he is the agent of the above named John Doe and further states that the said John Doe is now res...
-Agency. (1) Power Of Attorney Appointing An Agent
KNOW ALL MEN BY THESE PRESENTS, That I, Richard Roe, of the City of Chicago, County of Cook, in the State of Illinois, have made and appointed, and by these presents do make and appoint John Doe of th...
-(2) Power Of Attorney To Sell Land
KNOW ALL MEN BY THESE PRESENTS, That I, the undersigned Richard Roe, of the City of Chicago, County of Cook, and the State of Illinois, have this day made and appointed, and do by these presents make ...
-Arbitration. (1) Arbitration Agreement
KNOW ALL MEN BY THESE PRESENTS, That we, Richard Roe, of Louisville, Kentucky, and John Doe, of the same place, do hereby promise and agree, to and with each other, to submit, and do hereby submit, al...
-(2) Arbitration Bond
KNOW ALL MEN BY THESE PRESENTS, That I, Richard Roe, of Louisville, Kentucky, am held and firmly bound unto John Doe, of the same place, in the sum of $1000, for the payment whereof I bind myself, hei...
-(3) Award Of Arbitrators
TO ALL WHOM IT MAY CONCERN, GREETING: We, John Jones, Jacob Fielding, David Judson, to whom was submitted as arbitrators the matters in controversy between Richard Roe and John Doe, both of Louisvi...
-Assignments. (1) General Assignment Form
KNOW ALL MEN BY THESE PRESENTS, That I, Richard Roe, of the City of Chicago, in the County of Cook, and State of Illinois, in consideration of one thousand dollars ($1,000) lawful money of the United ...
-(3) Assignment In Trust For Creditors
KNOW ALL MEN BY THESE PRESENTS, That Whereas, I, Richard Roe, of Chicago, Illinois, am indebted to divers persons in various sums of money, which I am now unable to pay in full, and whereas I am desir...
-(5) Assignment Of A Mortgage
THIS INDENTURE, MADE this 15th day of June, 1914, between Richard Roe, of the County of Cook, State of Illinois, party of the first part, and John Doe, of the same place, party of the second part: ...
-(6) Assignment Of A Patent
WHEREAS, I, Richard Roe, of the City of Chicago, of the County of Cook, and the State of Illinois, did obtain Letters Patent of the United States of America for certain improvements in Airship Constru...
-(7) Assignment Of Patent Before Obtaining The Same
WHEREAS, I, Richard Roe, of Chicago, of the County of Cook, and State of Illinois, have invented certain new and useful improvements in the manufacture of Motorcycles, for which I am about to make app...
-(8) Assignment Of Wages Due
KNOW ALL MEN BY THESE PRESENTS, That I, Richard Roe, of Chicago, Illinois, in consideration of Fifty dollars ($50), lawful money of the United States to me paid before the sealing and delivery of thes...
-Auction. (1) Contract Signed By An Auctioneer
I hereby acknowledge that Thomas Jones has been this day declared the highest bidder and purchaser of (Here insert the description of the property sold), at the sum of $1000; and that he has paid into...
-Bills Of Exchange. (1) Bill Payable After Date
Exchange for $500. Chicago, 111., June 15, 1914. Thirty days after date, pay to the order of Richard Roe, Five Hundred dollars ($500), value received, and charge the same to my account. THOMAS J...
-Bill Of Sale
KNOW ALL MEN, That I, Thomas Jones, in consideration of $150 to me in hand paid by Jacob Fielding, have bargained and sold to the said Jacob Fielding the following goods and chattels, to-wit: One moto...
-Bonds. (1) General Bond
KNOW ALL MEN BY THESE PRESENTS, That we, Thomas Jones and John Brown, of the City of Chicago, the County of Cook, and the State of Illinois, are held firmly bound unto Richard Roe, of the same place a...
-(2) Bond Of Officer Of Corporation
KNOW ALL MEN BY THESE PRESENTS, That Richard Roe, as principal, and John Doe and Jacob Fielding, as sureties, of the City of Chicago, County of Cook, and State of Illinois, are held firmly bound unto ...
-(3) Bond Of Private Corporation
THE CALIFORNIA GOLD DUST CO. FIRST MORTGAGE No. 54 GOLD COUPON BOND KNOW ALL MEN BY THESE PRESENTS, That The California Gold Dust Company, a corporation organized and existing under the laws of the...
-Compromise With Creditors
TO ALL WHOM IT MAY CONCERN: Whereas, John Doe, doing business at No. 1125 East 55th Street, Chicago, 111., is indebted to us, the undersigned creditors, in divers sums of money, set opposite our re...
-Contracts
A simple contract is an agreement between competent parties for the doing or not doing of a particular thing for a consideration. The agreement may be oral or in writing. The Statute of Frauds require...
-(1) General Form
THIS AGREEMENT, Made this 20th day of May, A. D. 1915, between John Doe of Cook County, State of Illinois, and Richard Roe, of Cook County, State of Illinois, WITNESSETH, That the said party of the fi...
-(2) Building Contract
BUILDING CONTRACT, Made this 20th day of June, A. D. 1915, by and between John Doe of the City of Chicago, in the County of Cook, and State of Illinois, party of the first part, and Richard Roe, of th...
-(3) Contract For Purchase Of Land On Installment Plan
THIS AGREEMENT, Made and entered into this 20th day of June, A. D. 1915, between John Doe, of the County of Cook and State of Illinois, party of the first part, and Richard Roe of the same County and ...
-(4) Contract For Exchange Of Property
THIS AGREEMENT, Made and entered into this 20th day of June, A. D. 1915, by and between John Doe, of Chicago, County of Cook, and State of Illinois, party of the first part, and Richard Roe, of Chicag...
-(5) Employees Contract
AGREEMENT, Made between John Doe and Richard Roe. WITNESSETH, That John Doe hires and employs the said Richard Roe in his business in Chicago, Illinois, in the capacity of Clerk, and agrees to pay ...
-(1) Option Contract For Purchase Of Land
I, John Doe, of Urbana, Illinois, for and in consideration of the sum of One Hundred dollars, to me in hand paid by Richard Roe, of Milwaukee, Wisconsin, do hereby give to the said Richard Roe, his he...
-(11) Contract Of Sale Of Personal Property
KNOW ALL MEN BY THESE PRESENTS, That John Doe, of the City of Vincennes and State of Indiana, for and in consideration of the sum of Two Hundred dollars, lawful money of the United States of America, ...
-(12) Contract Of Sale Of Personal Property, With A Condition To Make It A Mortgage With Power Of Sale
KNOW ALL MEN BY THESE PRESENTS, That John Doe, of Chicago, Illinois, in consideration of Four Hundred dollars ($400), paid by Richard Roe, the receipt whereof is hereby acknowledged, does hereby sell,...
-(13) Contract For The Sale Of Real Estate
This agreement, made and entered into at Chicago, Illinois, this Fifteenth day of January, Nineteen Hundred and Fifteen, by and between Thomas Rex, of Chicago, County of Cook, and State of Illinois, a...
-(14) Contract For Employment Of Clerk, Etc., With Salary In Proportion To Profits
Memorandum of a contract made and entered into this Fifteenth day of January, Nineteen Hundred and Fifteen, by and between John Doe and Richard Roe, partners as Doe and Roe, of the first part, and Joh...
-(15) Contract For Work And Labor
Agreement between Aaron Bell and Christopher Dye: The said Christopher Dye hereby covenants and promises to faithfully work and labor for said Aaron Bell, for the term of six months, commencing on ...
-Corporations
Below is given the Charter, By-Laws and the entire record of the transactions of The Independent Concrete Pipe Company, organized under Indiana laws. The procedure in that state is similar to most oth...
-(1) Articles Of Incorporation Of The Independent Concrete Pipe Company
We, the undersigned, hereby associate ourselves together, pursuant to the statutes of Indiana, for the organization of corporations, by the following written articles: Article One. Name The name...
-(9) Stockholders' Meetings
3. All meetings of the stockholders shall be held at the office of the corporation in Indianapolis or Vincennes. 4. The annual meetings of the stockholders, after the year 1914, shall be held on th...
-(10) Directors
12. The property and business of this corporation shall be managed by its board of directors, three in number. They shall be elected by the stockholders, at the annual meeting of the stockholders of t...
-(11) Meetings Of The Board
15. The newly elected board may meet at such place and time as shall be fixed by the vote of the stockholders at the annual meeting, for the purpose of organization and otherwise, and no notice of suc...
-(13) The President
26. The president shall be the chief executive officer of the corporation; he shall preside at all meetings of the stockholders and directors; he shall have general and active management of the busine...
-(16) The Treasurer
31. The treasurer shall have the custody of the corporate funds and securities and shall keep full and accurate account of receipts and disbursements in books belonging to the corporation and shall de...
-(17) Vacancies
35. If the office of any director, or of the president, vice-president, secretary or treasurer or other officer or agent, one or more, becomes vacant by reason of death, resignation, retirement, disqu...
-(19) Certificates Of Stock
37. The certificates of stock of the corporation shall be numbered and shall be entered in the books of the corporation as they are issued. They shall exhibit the holder's name and the number of share...
-(22) Inspection Of Books
42. The directors shall determine from time to time whether, and, if allowed, when and under what conditions and regulations the accounts and books of the corporation (except such as may by statute be...
-(25) Dividends
45. Dividends upon the capital stock of the corporation, when earned, may be declared by the board of directors at any regular or special meeting. Before payment of any dividend or making any distr...
-(27) Notices
47. Whenever, under the provisions of these bylaws, notice is required to be given to any director, officer or stockholder, it shall not be construed to mean personal notice, but such notice may be gi...
-(30) Waiver Of Notice
MEETING OF INCORPORATORS WE, THE UNDERSIGNED, being all the incorporators of the corporation above named, organized under the laws of the State of Indiana, having its principal office in Indianapolis,...
-(31) First Meeting Of Directors
The first meeting of the board of directors was held at No. 909 State Life Bldg, in the City of Indianapolis, Indiana, on the 9th day of June, 1914, at 4:30 o'clock P. M. Present: Messrs: John C...
-(33) Secretary's Oath
State of Indiana, County of Marion. ss. I, John Smith, do solemnly promise and swear that I will faithfully, impartially and justly perform the duties of secretary of the Independent Concrete Pipe ...
-(34) Treasurer's Oath
State of Indiana, County of Marion. ss. I, Fred J. Smith, do solemnly promise and swear that I will faithfully, impartially and justly perform the duties of treasurer of the Independent Concrete Pi...
-(35) Special Meeting Of The Directors
A special meeting of the board of directors was held at No. 909 State Life Bldg., Indianapolis, Indiana, on the 9th day of June, 1914, at 3:30 o'clock P. M. Present: John C. Scott, John Scott...
-(37) Treasurer's Oath
State of Indiana, County of Marion. ss. I, Howard Schurmann, do solemnly promise and swear that I will faithfully, impartially and justly perform the duties of treasurer of the Independent Concrete...
-(38) Affidavit Of Mailing Notice Of Meeting
State of Illinois, County of Cook. ss. John Doe, William Green and Samuel Davis being duly sworn, on oath depose and say that they are the commissioners duly authorized to open books of subscriptio...
-(40) Subscription For Stock In Corporation
I, the undersigned, do hereby subscribe for ten shares of the capital stock of the UNITED STATES TRANSIT CORPORATION, and waiving all necessary assessments, I agree to pay the said corporation for eac...
-(42) Stock Certificate
Incorporated Under the Laws of the State of Delaware Number Shares 2 10. CHICAGO CAR COMPANY Capital Stock Common $100,000.00 Preferred $25,000.00 THIS CERTIFIES THAT HOWARD SHERMAN is the owner...
-Deeds
As every deed is a contract, the rules affecting the validity of contracts apply to deeds. A greater formality, however, attends its execution. It must be in writing, signed by the grantor or his duly...
-(4) Warranty Deed - General
----- THIS INDENTURE, Made this 15th day of June, in the year of Our Lord one thousand nine hundred and fifteen, between Richard Hall, of the City of Vincennes, in the County of Knox, and State of ...
-(5) Warranty Deed - Good For Any State
THIS INDENTURE, made this fifteenth day of January in the year of Our Lord one thousand nine hundred and fifteen, between John Doe and Mary Doe, his wife of the City of Cincinnati in the County of Ham...
-(6) Trust Deeds
THIS INDENTURE, made this fifteenth day of January, nineteen hundred and fifteen, between Charles Smith of Oak Park, County of Cook and State of Illinois, of one part, and George Gazlay, of the City o...
-(7) Deed Of Property By A Corporation
KNOW ALL MEN BY THESE PRESENTS, That The Queen City Cooper Company, a corporation, in consideration of $5,000 to be paid by the Rising Sun Insurance Company, a corporation, the receipt whereof is here...
-(8) Corporate Warranty Deed
KNOW ALL MEN BY THESE PRESENTS, That the Crane Canning Company, a corporation organized under and by virtue of the laws of the State of Illinois, duly authorized and empowered hereto by proper resolut...
-(9) Quit-Claim Deed - General Form
THIS INDENTURE, Made this 20th day of June, in the year of our Lord one thousand nine hundred and fifteen, between John Doe of the City of Chicago, in the County of Cook, and State of Illinois, party ...
-(10) Mining Deed
THIS INDENTURE, Made this 20th day of June, A. D. 1915, between John Doe, of Brookville County, State of Colorado, of the first part, and Richard Roe, of the same place, of the second part: WITNESS...
-Landlord And Tenant. (1) Lease
The relation of landlord and tenant is created by a contract called a lease. A lease is as the word signifies a letting of property, and may be oral or written. If the contract is to exceed one year, ...
-(2) Farm Lease On Shares
THIS AGREEMENT, Made this 1st day of March, A. D. 1912, by and between Henry Root, hereafter known as Root, and John Sawyer, owner of the real estate hereinafter described, as Sawyer. WITNESSETH, T...
-(3) Notice Of Termination Of Tenancy From Year To Year
To John Doe: I HEREBY give you notice to quit and deliver up, on the 1st day of June, 1915, on which day the current year of said tenancy expires next after the end of the half year from the time o...
-Loans. (1) Application For Loan
TO John Doe: YOU ARE HEREBY AUTHORIZED to negotiate for me a loan of Two Thousand dollars for five years from date with Semi-annual interest at the rate of six per cent per annum, to be secured by ...
-(2) Agreement For Extension Of Loan
MEMORANDUM OF AGREEMENT, Made and entered into this 5th day of September, 1915, between John Doe of the City of Chicago, and State of Illinois, and Richard Roe of the City of Chicago, and State of Ill...
-Mortgage And Trust Deeds
A mortgage is a transfer of title to real or personal property as security for debt, upon an express condition that upon payment of the debt the transfer shall become null and void. The mortgage may p...
-(1) Chattel Mortgage
KNOW ALL MEN BY THESE PRESENTS, That I, John Doe, am indebted unto Richard Roe, in the sum of Five Hundred dollars. NOW, For securing the payment of the said debt and the interest from the date her...
-(2) Mortgage - Statutory Form
------------------ THIS INDENTURE WITNESSETH, That the Mortgagor, John Doe, of the City of Vincennes, and State of Indiana, mortgages and warrants to Richard Roe of the City of Terre Haute, in the ...
-(3) Mortgage Deed - Full Form
------- THIS INDENTURE, Made this 15th day of November in the year One thousand nine hundred and fifteen, between John Doe of the City of Vincennes, County of Knox, State of Indiana, and Richard Ro...
-(5) Trust Deed - Statutory
THIS INDENTURE WITNESSETH, That the Grantor, John Doe of the City of Terre Haute, Vego County, and State of Indiana, for and in consideration of the sum of Five Hundred dollars in hand paid, conveys a...
-(6) Release Deed
KNOW ALL MEN BY THESE PRESENTS, That I, John Doe, of the County of Cook, and State of Illinois, in consideration of One dollar, and for other good and valuable considerations, the receipt whereof is h...
-Notes. (1) Chattel Mortgage Note
$500 Chicago, June 20, 1915. Three years after date for VALUE RECEIVED, I promise to pay to the order of John Doe the sum of Five Hundred dollars, at The First National Bank of Chicago, with intere...
-Partnership Agreements. (1) Articles Of Copartnership
ARTICLES OF COPARTNERSHIP, Made the 20th day of May, nineteen hundred and eleven, between John Adams and George Green, both of Vincennes, Indiana. 1. THE SAID PARTIES above named have agreed to bec...
-(2) Articles Of Copartnership Between Lawyers
John Doe and Richard Roe hereby form a partnership as attorneys and counselors under the name of Doe & Roe, to continue for four years from this date; but either party may retire on one month's notice...
-(3) Certificate Of A Limited Partnership With Acknowledgement And Oath
State of Maryland, County of Baltimore. ss. THIS IS TO CERTIFY, That the undersigned have, pursuant to the provisions of the Statutes of the State of Maryland, formed a limited partnership, under t...
-(5) Dissolution Of Partnership
IT IS MUTUALLY AGREED by the undersigned, that the partnership heretofore existing between us in the City of Vincennes under the style of Adams & Green be and the same is hereby dissolved, except for ...
-Release Of Claims, Debts, Etc
---------- (1) General Release THIS INDENTURE, Made between Adam Bede, of Racine, Wisconsin, and Joseph Clark, of the same place. WITNESSETH, That the said Adam Bede does by these presents re...
-Subscriptions. For Building A Church
WE, The subscribers, in consideration of the premises and of the mutual promises contained herein, agree to pay the sums set opposite our respective names, for the purpose of building a Baptist Church...
-Wills
A will or testament is the legal declaration of a man's intentions of what he wills to be performed after his death. When the will operates on personal property, it is sometimes called a testament, an...
-(1) Short Will
I, John Doe, of Chicago, in the County of Cook, and State of Illinois, do hereby make, publish, and declare, this to be my last Will and Testament. I ORDER AND DIRECT, That my Executor hereinafter ...
-(2) Codicil
I, Thomas Black, of the City of St. Joseph, State of Missouri, having heretofore made my last Will and Testament, bearing date of 1st of October, A. D. 1914, do now make this Codicil thereto. WHERE...
-(3) Willl
I, John Ward, of the City of Chicago, County of Cook, State of Illinois, being in good health of body, and of sound and disposing mind and memory, and being desirous of settling my worldly affairs whi...
-Federal Reserve Act
Section 1 Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the short title of this Act shall be the Federal Reserve Act. Whe...
-Federal Reserve Districts. Section 2
As soon as practicable, the Secretary of the Treasury, the Secretary of Agriculture and the Comptroller of the Currency, acting as The Reserve Bank Organization Committee, shall designate not less t...
-Branch Offices. Section 3
Each Federal reserve bank shall establish branch banks within the Federal reserve district in which it is located and may do so in the district of any Federal reserve bank which may have been suspende...
-Branch Offices. Section 3. Continued
The board of directors shall perform the duties usually appertaining to the office of directors of banking associations and all such duties as are prescribed by law. Said board shall administer the...
-Stock Issues; Increase And Decrease Of Capital. Section 5
The capital stock of each Federal reserve bank shall be divided into shares of $100 each. The outstanding capital stock shall be increased from time to time as member banks increase their capital stoc...
-Division Of Earnings. Section 7
After all necessary expenses of a Federal reserve bank have been paid or provided for, the stockholders shall be entitled to receive an annual dividend of six per centum on the paid-in capital stock, ...
-State Banks As Members. Section 9
Any bank incorporated by special law of any state, or organized under the general laws of any state or of the United States, may make application to the reserve bank organization committee, pending or...
-Federal Reserve Board. Section 10
A Federal Reserve Board is hereby created which shall consist of seven members, including the Secretary of the Treasury and the Comptroller of the Currency, who shall be members ex officio, and five m...
-Federal Advisory Council. Section 12
There is hereby created a Federal Advisory Council, which shall consist of as many members as there are Federal reserve districts. Each Federal reserve bank by its board of directors shall annually se...
-Powers Of Federal Reserve Banks. Section 13
Any Federal reserve bank may receive from any of its member banks, and from the United States, deposits of current funds, in lawful money, national-bank notes, Federal reserve notes, or checks and dra...
-Open-Market Operations. Section 14
Any Federal reserve bank may, under rules and regulations prescribed by the Federal Reserve Board, purchase and sell in the open market, at home or abroad, either from or to domestic or foreign banks,...
-Government Deposits. Section 15
The moneys held in the general fund of the Treasury, except the five per centum fund for the redemption of outstanding national-bank notes and funds provided in this Act for the redemption of Federal ...
-Note Issues. Section 16
Federal reserve notes, to be issued at the discretion of the Federal Reserve Board for the purpose of making advances to Federal reserve banks through the Federal reserve agents as hereinafter set for...
-Refunding Bonds .Section 18
After two years from the passage of this Act, and at any time during a period of twenty years thereafter, any member bank desiring to retire the whole or any part of its circulating notes, may file wi...
-Bank Reserves. Section 19
Demand deposits within the meaning of this Act shall comprise all deposits payable within thirty days, and time deposits shall comprise all deposits payable after thirty days, and all savings accounts...
-Bank Examinations. Section 21
Section fifty-two hundred and forty, United States Revised Statutes, is amended to read as follows: The Comptroller of the Currency, with the approval of the Secretary of the Treasury, shall appoin...
-Loans On Farm Lands. Section 24
Any national banking association not situated in a central reserve city may make loans secured by improved and unencumbered farm land, situated within its Federal reserve district, but no such loan sh...
-Foreign Branches. Section 25
Any national banking association possessing a capital and surplus of $1,000,000 or more may file application with the Federal Reserve Board, upon such conditions and under such regulations as may be p...
-III. Digest Of The Federal Reserve Act
Federal Reserve Board Seven Members Secretary of Treasury - ex officio chairman. Comptroller of Currency - ex officio. Five appointed by President with consent of Senate to serve ten years, n...
-Federal Reserve Banks
Not less than 8 nor more than 12; (12 have been designated by organization committee) one to be located in each of a like number of cities to be known as Federal Reserve Cities; one of such cities to ...
-Member Banks Duties And Powers
Every National Bank must within 30 days after notification from Organization Committee, and eligible State Institutions may, at any time join the Federal Reserve Bank in their District, by subscribing...
-Reserves
In estimating reserves net balance of amounts due to and from other banks shall be basis for ascertaining the bank deposits against which reserves shall be determined. Demand deposits are those pay...
-War Revenue Act
II. War Revenue Act An Act To increase the internal revenue, and for other purposes. 1 Be it enacted by the Senate and House of Representatives of the United States of America in Congress ass...
-War Revenue Act. Part 2
7 The Commissioner of Internal Revenue, with the approval of the Secretary of the Treasury, is hereby authorized to make all necessary regulations to make effective the provisions of this section. ...
-War Revenue Act. Part 3
12. Sec. 46 That wine spirits may be withdrawn from special bonded warehouses at the instance of any person desiring to use the same to fortify any wines, in accordance with commercial demands of f...
-Special Taxes
17. Sec. 3 That on and after November first, nineteen hundred and fourteen, special taxes shall be, and hereby are, imposed annually as follows, that is to say: 18. First Bankers shall pay $1...
-Tobacco Dealers And Manufacturers
28. Sec. 4 That on and after November first, nineteen hundred and fourteen, special taxes on tobacco dealers and manufacturers shall be and hereby are imposed annually as follows, the amount of suc...
-Adhesive Stamps
57. Sec. 5 That on and after the first day of December, nineteen hundred and fourteen, there shall be levied, collected, and paid, for and in respect of the several bonds, debentures, or certificat...
-Adhesive Stamps. Part 2
62. Sec. 9 That if any person or persons shall make, sign, or issue, or cause to be made, signed, or issued, or shall accept or pay, or cause to be accepted or paid, with design to evade the paymen...
-Adhesive Stamps. Part 3
65. Sec. 12 That hereafter no instrument, paper, or document required by law to be stamped, which has been signed or issued without being duly stamped, or with a deficient stamp, nor any copy there...
-Schedule A. Stamp Taxes
76 Bonds, debentures, or certificates of indebtedness issued on and after the first day of December, nineteen hundred and fourteen, by any association, company, or corporation, on each $100 of face...
-Schedule A. Stamp Taxes. Continued
81 Telegraph and telephone messages: It shall be the duty of every person, firm, or corporation owning or operating any telegraph or telephone line or lines to make within thirty days after the exp...
-Stamp Taxes. Schedule B
97 Perfumery and cosmetics and other similar articles: For and upon every packet, box, bottle, pot, phial, or other inclosure containing any essence, extract, toilet water, cosmetic, vaseline, petr...
-III. Digest Of The War Revenue Act A. Business Organizations Taxed
Bankers, for each $1,000 of capital employed... $ 1.00 Brokers who have not paid as bankers.......... 30.00 Pawnbrokers............................... 50.00 Commercial brokers ..................
-B. Documentary Stamp Taxes Schedule "A"
Agreements of sale covering products or merchandise on Boards of Trade, Exchanges, etc., each $100 value or fraction $0.01 For Certificates of Stock, each $100 par or fraction.........................
-B. Documentary Stamp Taxes. Schedule "B"
Chewing Gum Or Substitutes Therefor For and upon each box, jar or package containing chewing gum, when the retail value does not exceed $1............................04 If exceeding $1, for each...
-Income Tax Act. I. The Law. I. U. S. Income Tax Statute
BEING SECTION 11 OF THE ACT OF OCTOBER 3, 1913, ENTITLED AN ACT TO REDUCE TARIFF DUTIES AND TO PROVIDE REVENUE FOR THE GOVERNMENT AND FOR OTHER PURPOSES. Paragraph A Subdivision 1 That ther...
-Income Tax Act. I. The Law. I. U. S. Income Tax Statute. Part 2
U. S. Income Tax Statute. Paragraph C That there shall be deducted from the amount of the net income of each of said persons, ascertained as provided herein, the sum of 3,000, plus $1,000 if ...
-Income Tax Act. I. The Law. I. U. S. Income Tax Statute. Part 3
U. S. Income Tax Statute. Paragraph E That all assessments shall be made by the Commissioner of Internal Revenue and all persons shall be notified of the amount for which they are respectively-liab...
-Income Tax Act. I. The Law. I. U. S. Income Tax Statute. Part 4
U. S. Income Tax Statute. Paragraph F F. That if any person, corporation, joint-stock company, association, or insurance company liable to make the return or pay the tax aforesaid shall refuse or n...
-Income Tax Act. I. The Law. I. U. S. Income Tax Statute. Part 5
Provided, Further, That mutual marine insurance companies sall include in their return of gross income gross premiums collected and received by them less amounts paid for reinsurance, but shall be ent...
-Income Tax Act. I. The Law. I. U. S. Income Tax Statute. Part 6
All corporations, joint-stock companies or associations, and insurance companies subject to the tax herein imposed, computing interest upon the income of the calendar year, shall, on or before the fir...
-Income Tax Act. I. The Law. I. U. S. Income Tax Statute. Part 7
Provided, Further, That mutual marine insurance companies shall include in their return of gross income gross premiums, collected and received by them less amounts paid for reinsurance, but shall be e...
-Income Tax Act. I. The Law. I. U. S. Income Tax Statute. Part 8
U. S. Income Tax Statute. Paragraph H H. That the word State or United States when used in this section shall be construed to include any Territory, Alaska, the District of Columbia, Porto Rico...
-Income Tax Act. I. The Law. I. U. S. Income Tax Statute. Part 9
R. S. Sec. 3176 Sec. 3176. When any person, corporation, company, or association refuses or neglects to render any return or list required by law, or renders a false or fraudulent return or list, ...
-Income Tax Act. I. The Law. I. U. S. Income Tax Statute. Part 10
U. S. Income Tax Statute. Paragraph N N. That for the purpose of carrying into effect the provisions of Section 11 of this Act, and to pay the expenses of assessing and collecting the income tax th...
-U. S. Income Tax Statute. Section IV. Matter Omitted Relates To Tariff Only
U. S. Income Tax Statute. Paragraph S S. Provided, Further, That all excise taxes upon corporations imposed by section thirty-eight, that have accrued or have been imposed for the year ending Decem...
-H. Digest And Syllabus Of Income Tax Law
1. Amount 1. AMOUNT Normal Tax - 1 Per Cent. Net income of individuals exceeding $3,000. NOTE - Paragraph S of the Income Tax Law modifies and repeals the Corporation Excise Law of 1909....
-Gross Income
Gross Income Includes B-l B-2 B-3 \ Professions Vocations ...
-Penalties
For Neglect Or Refusal To Make Return On Time 1. Individual: (a) Fine - not less than $20 or over $1,000. (b) There shall be added to the tax 5% of the amount thereof, and 1% per month from t...
-Federal Trade Commission Act
An Act to create a Federal Trade Commission, to define its powers and duties, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Con...
-Federal Trade Commission Act. Part 2
Sec. 5 That unfair methods of competition in commerce are hereby declared unlawful. The commission is hereby empowered and directed to prevent persons, partnerships, or corporations, except bank...
-Federal Trade Commission Act. Part 3
Sec. 6 That the commission shall also have power: (a) To gather and compile information concerning, and to investigate from time to time the organization, business, conduct, practices, and manag...
-Federal Trade Commission Act. Part 4
Upon the application of the Attorney General of the United States, at the request of the commission, the district courts of the United States shall have jurisdiction to issue writs of mandamus command...
-Clayton Anti-Trust Act
An Act To supplement existing: laws against unlawful restraints and monopolies, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in C...
-Clayton Anti-Trust Act. Part 2
Sec. 7 That no corporation engaged in commerce shall acquire, directly or indirectly, the whole or any part of the stock or other share capital of another corporation engaged also in commerce, wher...
-Clayton Anti-Trust Act. Part 3
Sec. 9 Every president, director, officer or manager of any firm, association or corporation engaged in commerce as a common carrier, who embezzles, steals, abstracts or wilfully misapplies, or wil...
-Clayton Anti-Trust Act. Part 4
Sec. 11 That authority to enforce compliance with sections two, three, seven and eight of this Act by the persons respectively subject thereto is hereby vested: in the Interstate Commerce Commissio...
-Clayton Anti-Trust Act. Part 5
Sec. 13 That in any suit, action, or proceeding brought by or on behalf of the United States subpoenas for witnesses who are required to attend a court of the United States in any judicial district...
-Clayton Anti-Trust Act. Part 6
Sec. 20 That no restraining order or injunction shall be granted by any court of the United States, or a judge or the judges thereof, in any case between an employer and employees, or between emplo...
-Workmen's Compensation Acts
Workmen's compensation laws are State or Federal statutes, through which the State or the Federal Government provide compensation to workmen injured during the course of their employment, either priva...
-Workmen's Compensation Acts. Continued
Ohio, Washington, Massachusetts, Wisconsin, California, Kansas, Nevada, Arizona and New Hampshire provide for a scheme of workmen's insurance through a common State fund collected and disbursed throug...









TOP
previous page: Handbook Of The Law Of Contracts | by Wm. L. Clark, Jr.
  
page up: Business Law Books
  
next page: The Law Of Contracts | by John William Smith, Vincent T. Thompson, John Douglass Brown, Jr.