A Treatise on the Law of Contracts and Rights and the Liabilities Ex Contracts

A Treatise on the Law of Contracts and Rights and the Liabilities Ex Contracts

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1847 edition. Excerpt: ...of the preceding partnership. (m) But if sums professed to be received by way of interest, or an annuity, rise and fall with the accruing profits and the fluctuations of trade, the P454 'party receiving such sums of money does not stand in_ the position of a creditor of the partnership, but tn that of a joint speculator and adventurer in the profits and losses of the business, risking his money in the concern as a co-partner. (n) "1 think the true criterion," observes Sir William Blackstone, "(when money is advanced to a trader) is, to consider whether the profit or premium is certain and defined, or casual, indefinite, and depending upon the accidents of trade. In the former case it is a loan, in the latter a partner ship." (0) JOINT oonrnacrs and TRANSACTIONS not making the parties thereto PARTNERS. joint purchases ofgoods.--lf several persons join together in making a purchase of goods, they do not, by so doing, constitute themselves partners, unless they are jointly concerned in the subsequent disposal of such goods. If, for example, four persons agree to purchase a pipe of Madeira and afterwards to divide it amongst them for their own separate use and consumption, they do not, in contemplation of law, become partners in the transaction inter se, although they are part owners of the wine when purchased, and may be jointly responsible to the vendor for the price of it. But if the wine when purchased is to be resold upon the joint account of the four, they then become partners in the transaction. (p) if such joint purchasers, intending t.o divide the goods as they are purchased, and not to deal with them afterwards for their joint profit, employ an agent to go into the market and make the purchase, or...
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Product details

  • Paperback | 422 pages
  • 189 x 246 x 22mm | 748g
  • United States
  • English
  • black & white illustrations
  • 1236752252
  • 9781236752253