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Acceptance
Acceptance. Delivery And Ac Ceptance Are Concurrent Conditions. The Vendee's Duty To Accept Depends Altogether On The Sufficiency Of The Vendor's Delivery. The Delivery Must Conform To The Contract In Every Particular, And Then The Duty To Ac Cept Arises. The Buyer Has Also The Right To Inspect The Goods ...

Accounting
Accounting. This Was A Common Law Action Of Great Antiquity, But It Was Limited To Certain Cases, And The Procedure Was Cumbersome And Incomplete, In That The Court Could Not Compel A Dis Covery Or The Giving Of Testimony By The Parties To The Action. The Action At Law Fell ...

Adequate And Complete Remedy
Equity Will Not Assume Jurisdiction Where There Has Always Been A Plain, Adequate And Complete Remedy At Law. Ever Since Equity Jurisprudence Began To Be Governed By Rules And To Approach A Definite System Of Procedure It Has Refused To Entertain Actions When There Was A Com Plete, Adequate And ...

Ancillary Remedies Dis Covery
Ancillary Remedies Dis Covery. In Addition To The Remedies Which Equity Employs To Adjudicate Controversies And Award Relief, Are Certain Remedies Which Are Termed Ancillary From The Fact That They Only Serve To Preserve The Status Quo Of The Property Or Assist In Acquiring The Means For The Final Determination ...

Assignments
Assignments. An Assignment Is Defined To Be The Transfer Or Making Over To Another The Whole Of Any Property, Of Whatever Description, Or Any Interest Therein; The Term. Including- The Act Of Transfer, As Well As The Instrument Effecting It. At The Common Law The Assignment Of Possibilities And Choses ...

Auction Sales
Auction Sales. It Is Now Well Settled That Auction Sales Are Included Within The Statute Of Frauds. So Also Are Sales By Sheriffs On Execution, And Public Sales Gen Erally To The Same Extent As Private Sales. In Michi Gan There Is A Statute Which Requires That When Goods Are ...

Authorities On Equity Or
Authorities On Equity Or Chancery Law. Among The Early Standard Works On Equity, Is Judge Story's Book On Equity Jurisprudence, Which Has Reached Its 13th Edition. An Excellent Work Of Current Authority Is Pomeroy's Equity Jurisprudence In Three Volumes, Now In Its Second Edition. Adam's Equity, A Book Viewing The ...

Authorities On The Law
Authorities On The Law Of Sales. Among The Many Valuable Text-books And Authorities On The Law Of Sales, Or Personal Property, We Mention The Following: Benjamin's Sales, Is An English Treatise By J. P. Benjamin, Which Has Reached Its 7th American Edition, And Is A Very Exhaustive Work. Blackburn And ...

Bills To Per Petuate
Bills To Per Petuate Testimony. Chancery Will Entertain A Bill To Perpetuate Testimony Where It Is In Danger Of Being Lost Before The Matter To Which It Related Could Be Made The Subject Of Judicial Investigation. The Mat Ter Is Now Regulated By Statute And The Remedy By Bill In ...

Bona Fide Purchasers
Bona Fide Purchasers. By A Bona Fide Purchaser Is Meant One Who For A Valuable Consideration And In Good Faith Acquires Property, Without Notice At The Time The Consideration Is Paid, Of The Adverse Rights Of Others Therein. Such A Pur Chaser Of Property Will Be Protected In Equity, Though ...

Buyers Duty To Pay
Buyer's Duty To Pay Or Tender Payment. It Is The Buyer's Duty, A Proper Delivery Having Been Made Or Tendered, Not Only To Accept But To Pay. Payment, Or Its Equivalent, May Be Made In Either Of Three Ways; 1. In Cash ; 2. In Notes Or Bills Of Exchange ...

Cancellation
Cancellation. Equity Will Can Cel A 1,vritten Instrument Or Contract, Where Though Ut Terly. Void, It Is Apparently Valid On Its Face; And Where The Instrument Is Voidable On The Ground Of Fraud Or Mistake. ...

Chattel Mortgages
Chattel Mortgages. By A Chattel Mortgage Is Meant A Sale Of Personalty On Con Dition That It Shall Be Avoidable On The Performance Of The Specified Condition—usually The Payment Of A Debt Within A Stated Time. At Law, On Default, The Title Vests Absolutely In The Mortgagee, While Equity Allows ...

Chattels Specific But Sale
Chattels Specific But Sale Conditional. Where The Chattels Or Things Bargained For Are Specific But Are Sold Condi Tionally, Or Where Something Remains To Be Done Upon The Property Before Delivery, Lord Blackburn Enun Ciates Two Rules, As Follows :— First. —where By The Agreement The Vendor Is To Do ...

Classification Of Trusts
Classification Of Trusts. Trusts May Be Classified As Follows :—i. Express Trusts ; That Is, Those Created By The Intentional Acts Of The Parties. 2. Implied Or Constructive Trusts ; That Is, Created By Operation Of Law. Express Trusts May Be Either (a) Private Or (b) Public; That Is, They ...

Concurrent Or Mutual Conditions
Concurrent Or Mutual Conditions. In A Sale The Obli Gation Of The Vendor To Deliver, And That Of The Buyer To Pay Are Concurrent Conditions In The Nature Of Mu Tual Conditions Precedent, So That Neither Can Enforce The Contract Without Showing Performance, Or Offer To Perform, On His Part. ...

Construction Of The Words
Construction Of The Words "price Or Value Of Ten Pounds Or What Is The Proper Construction Of The Words "of The Price Or Value Of Ten Pounds And Up Wards"? In The Statutes In The Various States Some Times The Word Price Is Employed And Sometimes The Word Value. The ...

Constructive Fraud
Constructive Fraud. In All Cases Of Actual Fraud The Defendant Is Guilty Of Some Moral Turpitude, While In Cases Of Constructive Fraud He Is Not Necessarily Guilty Of Moral Turpitude. By Constructive Frauds Are Meant Acts And Contracts Which, Although Not Really Designed By The Parties Thereto To Work A ...

Constructive Trusts A
Constructive Trusts. A. Con Structive Trust Is One That Is Raised By Construction Of Equity', Without Reference To Any Intention Of The Par Ties, Either Express Or Presumed. The Following- Are Instances Of Constructive Trusts. 1. Vendors Lien For Unpaid Purchase Money. Where There Has Been A Simple Sale Of ...

Contracts Arising From Abuse
Contracts Arising From Abuse Of Confidential Or Fiduciary Relations. Equity Will Grant Relief, As A General Rule, Wherever One Has Reposed A Confidence Or Trust In Another, And Such Confidence Or Trust Has Been Abused. The Classes Of Persons Who Stand In A Confidential Or Fiduciary Relation To Each Other ...

Contracts Made In Violation
Contracts Made In Violation Of Some Statute. There Are Many- Acts That Are Not Malion In Se, But Which For The Good Of The Public And The Protection Of The Weak And Unfortunate, Are Prohibited. Thus Usury Was At The Early Common Law Forbidden, But Now By Statute The Penalty ...

Contracts Made In Violation_2
Contracts Made In Violation Of Public Policy. Under This Head Fall Marriage Brokage Contracts, Con Tracts In Restraint Of Trade Or Marriage Generally, And Contracts With The Object Of Private Gain At The Ex Pense Of The Public Service, And For Controlling Or In Fluencing Legislative, Judicial Or Administrative Func ...

Contracts Which Affect Inequitably
Contracts Which Affect Inequitably The Rights Of The Parties Or Third Persons. Un Der This Head May Be Classed The Following:— I. Sailors. Sailors Are Regarded As Special Wards Of The Chancery, Since Their Life In All Ages Has Tended To Make Them Careless And Reckless In Matters Where Others ...

Contribution Exonera Tion
Contribution Exonera Tion. Equity Allows A Joint, Or Joint And Several Obligor On A Contract, Who Has Paid Or Satisfied More Than His Appropriate Share Of Such Obligation, To En Force Contribution From His Co-obligor. And Like Wise One Secondarily Liable For The Payment Of A Debt, Not Arising- Dclicto, ...

Definition And Essentials Of
Definition And Essentials Of A Sale. A Sale Is Defined To Be A Contract By Which Is Effected The Transfer Of The Absolute Or Gen Eral Property In A Thing For A Price In Money. This Definition Distinguishes A Sale From Exchange Or Bar Ter, Excluding All Transfers Effected By ...

Delivery To Pass Property
Delivery To Pass Property Between The Parties. All The Vendor Has To Do In Order To Pass Property In The Thing Sold To The Vendee, Where There Is No Contrary Agreement Or Usage, Is To Deposit The Article In Some Convenient And Suitable Place For The Buyer To Take Away ...

Descriptive Maxims
Descriptive Maxims. By De Scriptive Maxims Is Meant Those Which Describe The Manner In Which Equity Gives Relief. They Are I. Equity Acts Specifically And Not By Way Of Compensation. By This Maxim Is Meant That Equity Instead Of Giving A Money Damage In Lieu Of The Per Formance Of ...

Early History Of Chancery
Early History Of Chancery In The United States. The American Colo Nies Were Settled During The Most Influential Period Of The Chancery Court In England, And It, Along With Other Serviceable Institutions Of The Mother Country, Became Engrafted On The Judicial System Of The Vari Ous Colonies. In Most Of ...

Effect Of Stoppage
Effect Of Stoppage. In Transitu.the Exercise Of The Right Of Stoppage In Transitu Is Only An Extension Of The Right Of Lien, Given By The Common Law To Every Unpaid Vendor Before The Goods Leave His Possession. It Does Not Rescind The Contract, But Simply Restores The Goods To The ...

Effect Of The Contract
Effect Of The Contract In Passing Property. Assuming A Valid Contract Of Sale To Have Been Formed, The Ques Tion Arises, What Is The Effect Of The Contract In Pass Ing Title To The Property ? That Is, When Is The Bargain To Be Considered An Actual Sale, And When ...

Election
Election. Resulting From The Maxim That He Who Seeks Equity Must Do Equity, Is The Doctrine Of Election, By Which When The Donor Of Property In. The Same Instrument Undertakes To Trans Fer The Donee's Property Or Interest To A Third Person, The Donee Must Elect To Take Either ; ...

Enlargement Of Legal Rem
Enlargement Of Legal Rem Edy Does Not Affect Jurisdiction In Equity. But The Fact That After Equity Has As Sumed Jurisdiction Of Certain Subjects, The Legal Rem Edies Is Enlarged, Whether By Judicial Construction, Or Legislative Action, Will Not Divest The Equity Courts Of Their Customary Jurisdiction, Unless This Is ...

Equitable Conversion
Equitable Conversion. This Subject Has Already Been Considered Under The Maxim That Equity Regards That As Done Which Ought To Be Done, And From Which It Springs. Conversion Is Said To Be That Notional Change In The Nature Of Property By Which, For Certain Purposes, Realty Is Considered Personalty, And ...

Equitable Estoppel
Equitable Estoppel. In Equity, If One By His Words Or Conduct, Causes Another To Rely Upon The Existence Of A Certain State Of Things, And In Duces That Other To Act On That Belief, And Thereby To Change His Former Position For The Worse, The Person So Inducing The Other ...

Equitable Liens And Mort
Equitable Liens And Mort Gages. An Equitable Lien Is The Right To Subject A Particular Fund Or Specific Property To The Satisfaction Of A Demand. It Is A Charge On The Property, Rather Than An Interest In It. It Differs From A Common Law Lien, In That It Is Independent ...

Equity Or Chancery Law
Equity Or Chancery Law Defined. In Its Literal Acceptation, Equity Is Nearly Synonymous With Justice, But In Its Technical Sense It Means Chancery Law, Or That System Of Rules By Which Courts Of Chancery Are Governed In The Administra Tion Of Justice. This, Like The Common Law, Consists Of Precedents ...

Equity Will Retain Juris
Equity Will Retain Juris Diction To Give Complete Relief. Where The Equity Court Has Rightfully Taken Cognizance Of A Particular Controversy, It Will Continue Its Adjudi Cation For The Purpose Of Giving Complete Relief, Though The Matter May Involve Questions Purely Legal In Nature. As Stated By Lord Nottingham, "where ...

Equity Will Take Jurisdic
Equity Will Take Jurisdic Tion To Prevent A Multiplicity Of Suits. In Order To Prevent A Multiplicity Of Suits, And Carry Out Its Scheme Of Applying Practical And Speedy Justice To Controversies, Equity Courts Will As Sume Jurisdiction Where Numerous Persons Have A Community Of Interest Or A Common Right ...

Etc Disposition Of Trust
Disposition Of Trust Estate On Failure Of Heirs, Etc. Where Property Is Conveyed In Trust, And The Trust Designated Does Not Exhaust The Property, And The Settlor Dies Leaving No Will, And No One Entitled To Take Under The Statute Of Descent, The Question Arises As To Whom The Residue ...

Examination Of Witnesses
Exa.mination Of Witnesses De Bene Esse. A Bill In Equity Could Also Be Maintained By Either Party' To A Contro Versy, Praying For A Commigsion To Examine Witnesses Who Were Old And Infirm, Or Who Might Not Be Pres Ent At The Trial By Reason Of Being Abroad, And Thus ...

Except The Buyer Shall
Except The Buyer Shall Accept Part And Actual Ly Receive Same. Under This Head We Note Two Things Which Must Concur To Take The Contract Out Of The Statute ; (a) Acceptance, And (b) An Actual Receipt Of The Portion Of The Goods. These Two Things Do Not Mean The ...

Exception To The Rule
Exception To The Rule Of Caveat Emptor.while It Is The General Rule That There Is No Implied Warranty Of Quality In Sales Of An Inspect Ed And Specific Article, Yet An Important Exception To This Rule Exists In The Case Where Articles Of Food Are Bought For Domestic Consumption, And ...

Exceptions Under The Stat
Exceptions Under The Stat Ute Of Frauds. There Are Three Different Excep Tions Or Methods Pointed Out By Which The Contract May Be Made Good Which Would Be Otherwise Invalidat Ed Under The Statute Of Frauds. These Are : 1. Ex Cept The Buyer Shall Accept Part Of The Goods ...

Express Private Trust Parties
Express Private Trust Parties. The Parties Necessary To The Creation Of An Express Trust Are: 1. The Scttlor, Or Person Creat Ing The Trust. 2. The Trustee, Or The Person In Whom The Legal Title Is Vested. 3. The Ccstui Que Trust, Or Person Entitled To The Beneficial Interest. The ...

Express Public Or Charita
Express Public Or Charita Ble Trust. Where The Trust Is A Public One, No Particular Person Or Persons Are Designated, But The Trust Is Always For The Benefit Of Unnamed Persons, A Part Of The General Public, As, For Example, The "poor" Of A Particular District. In Order That The ...

Fraud As A Ground
Fraud As A Ground For Equitable Relief. The Jurisdiction Of Equity In Cases Of Fraud Is Largely Concurrent, Since Courts Of Law Also Give Relief. In Those Cases Where The Law Courts Originally Gave Full, Adequate And Complete Re Lief Equity Cloes Not Assume Jurisdiction. At Law The Remedy Of ...

Fraud As Avoiding The
Fraud As Avoiding The Con Tract. It Is A General Rule That Fraud Renders All Contracts Voidable Ab Initio, Both At Law And In Equity. Fraud Cannot Be Accurately Defined. It Has Been Said That Every Kind Of Artifice Employed By One Person For The Purpose Of Deceiving Another Is ...

Fraud On The Buyer
Fraud On The Buyer. The Buyer May Refuse To Take The Goods In Case He Is Defrauded By The Contract, If He Discovers The Fraud Before Delivery ; Or He May Return Them After Delivery On Discovering The Fraud. If He Has Paid The Price He May Recover It Back ...

Fraud On The Vendor
Fraud On The Vendor. Prior To 1866 It Had Not Been Settled Whether The Property Passed When The Sale Was In Duced By A Fraud On The Vendor. Then It Was Decided In England That A Distinction Should Be Made Between Cases Where The Fraud Had Resulted In Transferring The ...

Frauds On Creditors
Frauds On Creditors. Where The Fraud Affects Creditors, The Vendor And Vendee Are Still Bound By The Contract They Have Made; The Property Passes, The Vendee Is Bound To Pay The Price To The Vendor, And Is Liable On His Note For The Price. The Objection To The Sale Must ...

General Principles And Definitions
General Principles And Definitions. The, Rules Of Law Governing Condi Tions In Contracts Are Said To Be Subtle And Perplexing. In Setting Up A Special Count On A Contract Of Sale The Pleader Has To Determine Whether A Promise Made Or An Obligation Assumed By A Party To The Contract ...

Growing Crops Fixtures
Fixtures, Growing Crops. The Next Question Is Whether Unsevered Crops Growing Upon The Land Are Within The 17th Section When Contracts Are Made For Their Sale. Here It Is Necessary To Recall The 4th Sec Tion Of The Statute Of Frauds, Which Provides That No Action Shall Be Brought Upon ...

History Of The Court
History Of The Court Of Chancery. While The Origin Of Courts And Tri Bunals For The Administration Of Justice In Any Partic Ular Nation Usually Antedate The History Of A Nation, The Origin And History Of The Court Of Chancery Is An Exception, And Is Fully Covered By Recorded History, ...

How Created And Construed
How Created And Construed. Public Trusts Or Charities Are Highly Favored In The Law, And Charitable Gifts Are Sometimes Held Good, When If They Had Been Made To A Private Person They Would Have Failed. For In Stance, If A Testator Has Clearly Expressed An Inten Tion To Create A ...

How Express Trusts Are
How Express Trusts Are Created. No Particular Form Of Words Need Be Used In Creating A Trust. If It Appears That The Donor Intended To Create A Trust That Is Sufficient. It Being Stated As A General Rule, That When Property Is Given Absolutely To Any Person, And Such Person ...

How The Right Is
How The Right Is Exercised. There Is No Particular Mode Or Manner By Which The Seller Is Bound To Exercise The Right Of Stoppage In Transitu. Any Means Which He Uses To Get The Goods Which Is Not Criminal Will Be Sufficient. The Usual Mode Is By Notice To The ...

How The Right May
How The Right May Be De Feated. The Vendee Being In Possession, With The Consent Of The Vendor, Of A Bill Of Lading, Or Other Doc Ument Of Title To The Goods, May, By Transferring The Same To A Third Person, Who Bona Fide Gives Value For It, Defeat The ...

Implied Con Tract
Implied Con Tract. A Contract Of Sale Will Be Implied Under Certain Circumstances Without Any Expression Of The Will Or Intention Of The Parties; An Example Of This Is, Where An Express Contract Has Been Made, And A Part Of The Goods Is Sent, Accepted, And Retained After Or With ...

Implied Or Resulting Trusts
Implied Or Resulting Trusts To Charities. The Following Rules As To Result Ing Trusts In Gifts To Charities Are Given By Levin, In His Work On Trusts (pp. 13o-1). 1. When A Person Expressing An Intention To Aid Charitable Purposes Generally, Makes A Valid Gift, But Does Not Particularize Any ...

Implied Trusts Or Result
Implied Trusts Or Result Ing Trusts. An Implied Trust Is Founded Upon The Intention Which The Court Presumes The Settlor Had When He Created The Trust. Implied Trusts Are Often Called Resulting Trusts. When A Man Purchases Prop Erty, Furnishing The Purchase Money, Taking The Title In The Name Of ...

Implied Warranties
Implied Warranties. Implied Warranties Are Created By Law, Or Spring From Facts Ex Isting At The Time Of The Sale, And From What The Par Ties Did, Rather Than From What Was Said ; They Are Si Lent Contracts Implied From The Transaction. Ordi Narily Where There Is An Express ...

Implied Warranty Of Title
Implied Warranty Of Title. The Rules Established To Determine When There Is An Implied Warranty Of Title Are Mainly These: 1. In Executory Contracts Of Sale, The Vendor, By Implication, Warrants His Title To The Goods He Prom Ises To Sell. The Reason For This Is, That If A Promises ...

Impossibil Ity Of Performance
Impossibil Ity Of Performance. It Is No Excuse For The Non-performance Of A Condition That It Is Impossible For The Obligor To Fulfill It, If The Performance Be In Its Nature Possible ; While Absolute And Inherent Im Possibility Of Performance, In Its True Sense, Is Always An Excuse. Disability ...

Injunction
Injunction. An Injunction Is De Fined To Be A Judicial Order, Operating In Personam, Requiring A Party To Do Or Abstain From Doing Some Particular Act. If The Order Requires The Performance Of Particular Acts, It Is Called A Mandatory' Injunction, While Those Requiring The Defendant To Abstain From Doing ...

Lien
Lien. A Lien Is Defined By Mr. Benjamin As "a Right Of Retaining Prop Erty Until A Debt Due To The Person Retaining It Has Been Satisfied." Liens May Be Either, Express, Or Implied. A Lien Is Always Implied, Where Nothing Is Said To The Contrary, In A Sale Of ...

Mistake An Nuls Assent
Mistake An Nuls Assent. "from The General Principle That Contracts Can Only Be Effected By Mutual Assent, It Fol Lows That Where, Through Some Mistake Of Fact, Each Was Assenting To A Different Contract, There Is No Real Valid Agreement, Notwithstanding The Apparent Mutual Assent. In Wood V. Boynton (64 ...

Mistake And Failure Of
Mistake And Failure Of Consideration. One Who Has Given Apparent Assent To A Contract Of Sale, If The Assent Was Founded On A Mistake Of A Material Fact, Not Of Law, Such As The Subject-matter Of The Sale, The Price, Or In Some Cases The Identity Of The Other Contracting ...

Mistake As A Ground
Mistake As A Ground For Equitable Relief. Mistake May Be Either Of Fact Or Law. Mistake Of Fact, In A Legal Sense, Is Defined To Be A Mistake Not Caused By The Neglect Of A Legal Duty On The Part Of The Person Making The Mistake, Consisting An Unconscious Ignorance ...

Mistake Of Fact
Mistake Of Fact. The Right Of A Court Of Equity To Give Relief When A Contract Has Been Made Through Ignorance Or Mistake Of Fact Is Unquestioned. There Is No General Presumption That A Man Knows Any Fact, And Whether A Particular Fact Was Or Was Not Within The Knowledge ...

Mistake Of Law
Mistake Of Law. The Court Will Never Make Fo:- The Parties A Contract Which They Did Not Intend To Make, But One Which They Would Have Made, Perhaps, Had They Not Been Ignorant Of The Law. But If The Parties Intended To Make A Certain Contract, And Through Their Mutual ...

Money Had And Received
Money Had And Received. Money Received By One Person From Another By Mistake, Accident Or Fraud, Or Breach Of Trust, Is Regarded In Equity As Being Held In Trust For The True Owner. In Many Such Cases An Ac Tion At Law In Assumpsit May Be Maintained, But In All ...

Mutual Assent How Ex
Mutual Assent. How Ex Pressed. "the Assent Of The Parties To A Sale Need Not Be Express. It May Be Implied From The Lan Guage, Or From Their Conduct ; May Be Signified By A Nod Or Gesture, Or May Even Be Inferred From Silence In Certain Cases; As, If ...

Necessity For Equitable Remedies
Necessity For Equitable Remedies. As Equity Undertook To Give Fuller And More Perfect Relief Than Could Be Had At Law It Fol Lowed That Special Remedies And A Distinctive Pro Cedure Would Result In Many Actions. While At Com Mon Law An Action Of Damages Was All The Ag-grieved Party ...

Note Or Memorandum In
Note Or Memorandum In Writing. The Third Ex Ception Saving Oral Agreements Is "or That Some Note Or Memorandum In Writing Of The Said Bargain Be Made And Signed By The Parties To Be Charged By Such Con Tract, Or Their Agents Thereunto Lawfully Authorized." The Object Of The Statute ...

Notice
Notice. Where The Equities Are Equal In The Litigants It Becomes Important To Inquire As To Other Matters Which May Assist The Court In De Termining Which Should Prevail. In So Doing It May Be Of Importance To Ascertain Whether Or Not One Of The Claimants Took With Notice Of ...

Or For Value The
The Trust May Be Voluntary, Or For Value. The Maxim That No Action Can Be Inaintained On A Nudism Pactum, Is Recognized In Equity As Fully As At Law. So That In Equity- An Imperfect Conveyance Made For Value Is Binding, While If Such Conveyance Is Volun Tary It Is ...

Or Part Pay Ment
Earnest To Bind The Bargain, Or Part Pay Ment. The Second Exception To Save An Oral Agree Ment From The Operation Of The Statute Of Frauds Is "or Give Something In Earnest To Bind The Bargain, Or In Part Payment." This Alone Has To Do With The Valid Ity Of ...

Or Some Contingent Event
Sales De Pendent Upon Acts Of Others, Or Some Contingent Event. Where The Act Of A Third Person Is Made A Condition Precedent To The Sale, Or To The Liability For Payment, It Must Be Per Formed, Or Some Excuse Given For Non-performance. Thus If The Condition Be That The ...

Partition Boundaries
Partition Boundaries. By Partition Is Meant The Segregation Or Separation Of Property Owned In Undivided Shares, So As To Vest In Each Of The Former Owners Exclusive Title To A Specific Portion, In Lieu Of His Undivided Interest In The Whole. Partition Was Also Allowed In A Few Cases At ...

Payment By Promissory Note
Payment By Promissory Note Or Bill. A Payment By Promissory Note Is Understood Generally To Be A Conditional Payment. The Vendor's Right To The Price Revives On Non-payment Of The Note. A Payment By Check Is Usually Regarded As A Prima Facie Cash Payment If The Check Is Accepted. If, ...

Penalties And Forfeitures
Penalties And Forfeitures. As A Doctrine Of Equity Resulting From The Maxim That Equity Looks To The Intent Rather Than The Form, Equity Will Refuse To Lend Its Assistance To Enforce A Forfeiture Or Penalty In Its Strict Terms, But Will Look To The Substantial And Fair Intent Of The ...

Performance
Performance. It Is A Doctrine Of Equity Resting On The Maxim Which Imputes An Inten Tion To Fulfil An Obligation That, A Covenant To Do An Act By Which A Benefit Or Specified Property Will Be Conferred On Another Is Deemed Performed Both Where The Party Does Some Act Which ...

Place Of Delivery
Place Of Delivery. As To The Place Of Delivery, The Contract Being Silent Upon This Point, It Is Usually The Place Where The Goods Are When Sold. If The Contract Imposes Upon The Vendor The Obligation Of Sending The Goods, The Time Not Being Stated, They Must Be Sent In ...

Pre Requisite Maxims
Pre-requisite Maxims. These Show What The Applicant For Equity Must Possess Be Fore He Can Invoke The Aid Of A Court Of Equity, And Are Three In Number. R. He Who Seeks Equity Must Do Equity. This Is One Of The Earliest Maxims Of Equity To Receive General Sanction. It ...

Property Purchased With Trust
Property Purchased With Trust Funds. When Ever A Person Holding Property In Trust, Invests Such Funds, Rightfully Or Wrongfully, And Takes Title In His Own Name, The Property Acquired Is Trust Property, And The Party Is Still Trustee. This Rule Applies To All Fiduciary Relations, As Executors, Guardians, Partners, Treasurers, ...

Property Subject To Trust
Property Subject To Trust. It Is A General Rule That All Property-, Both Real And Personal, Legal Or Equitable, May Be Made The Subject Of A Trust. This Includes Choses In Action, Patent Rig-hts, Growing Crops, And The Like. But A Trust As To Foreign Lands Cannot Be Enforced, From ...

Real Estate Mortgages
Real Estate Mortgages. In Equity- A Real Estate Mortgage Is Regarded As A Lien Or Claim On Land To Secure The Payment Of A Debt. This Construction Was Early Placed Upon Mortgages By The Equity Courts To Modify The Rigor Of The Early Com Mon Law, Which Held That On ...

Receivers
Receivers. A Receiver Is A Party Appointed By A Court Of Equity To Take Charge Of The Property Or Fund In Controversy, Pending Final Adjudication, When It Does Not Seem Best That Either Party Should Retain It. The Applica Tion For The Appointment Of A Receiver Does Not Affect Or ...

Reformation
Reformation. Equity Will Re Form A Written Contract Or Other Instrument Inter Vivos Where, Through Mutual Mistake, Or Mistake Of One Of The Parties Accompanied By The Fraud Of The Other, Such Instrument Does Not Truly Express The In Tention Of The Parties. ...

Remedies Before Obtaining Possession
Remedies Before Obtaining Possession Where The Contract Is Executory. Where The Contract Is Executory The Property Or Title In The Goods Does Not Pass To The Buyer, And His Remedy For The Failure Of The Vendor To Carry Out The Agreement, Is For Damages For The Breach, And Is The ...

Remedies Of Buyer After
Remedies Of Buyer After Receiving Possession. After The Buyer Has Actually Received The Goods Into His Possession, The Per Formance Of The Vendor's Duties May Be Incomplete, Either By The Breach Of Warranty Of Title, Or Breach Of Warranty Of Quality. Where The Breach Is For A War Ranty Of ...

Removing Cloud On Title
Removing Cloud On Title. Whenever A Deed Or Other Instrument Exists Which May Be Vexatiously Used After The Evidence To Im Peach Or Invalidate It Is Lost, Or Which Constitutes A Cloud On Title, And For Which There Is No Proper Pro Ceeding At Law, A Court Of Equity Will ...

Resale
Resale. Where The Buyer Has Notice To Take Away The Goods And Pay The Price, But Does Not Do So, Can The Vendor Resell The Goods, Or Must He Hold Them, Obtain A Judgment And Sell Them On Execution? Mr. Benjamin States The Rule To Be In England, That While ...

Rescission
Rescission. Where One Agrees To Rescind, As By Agreeing Orally With The Purchaser To Take Back The Article Sold On Re Quest, And Repay The Purchase Money, This Promise Is Binding, Though Oral, Since It Is A Part Of The Original Bargain And Made Valid By The Original Delivery And ...

Residue Of Trust Property
Residue Of Trust Property. When Property Is Conveyed To Trusts Which Do Not Exhaust The Whole Property, There Will Be A Resulting- Trust As To The Residue To The Settlor. And When Property Is So Devised By Will, The Residue Will Go To The Party To Whom It Would Have ...

Rights And Remedies Of
Rights And Remedies Of The Buyer For Breach Of Contract. The Breach Of Contract Of Which The Buyer May Complain May Arise From The Vendor's Default In Delivering The Goods, Or From Some Defect In The Goods When Deliv Ered. The Buyer's Right To Avoid The Contract For Fraud, Mistake ...

Sale Bargain Distinguished From
Sale Bargain Distinguished From Contract Of Sale Or Executory Agreement. "by The Common Law, All That Was Required To Give Valid Ity To A Sale Of Personal Property, Whatever May Have Been The Amount Or Value, Was The Mutual Assent Of The Parties To The Contract. As Soon As It ...

Sale Distinguished From Other
Sale Distinguished From Other Transactions. A Sale Is Also To Be Distinguished From Bailment, From Bailment With Right To Purchase, From Pledge, From Chattel Mortgage, From Lease Or Hiring, From Assignment, From Consign Ment, From Gift, From Exchange Or Barter, From Agency, And From A Contract For Labor And Materials. ...

Sale Of A Thing
Sale Of A Thing Which Has Ceased To Exist Void. "as There Can Be No Sale Without A Thing, Transferred To The Purchaser In Consideration Of The Price Received, It Follows That If At The Time Of The Contract The Thing Has Ceased To Exist, The Sale Is Thus Where ...

Sale Of Things Not
Sale Of Things Not Yet In Existence. A Thing May Be The Subject Of A Valid Sale Though Not Yet In Existence, But It Is Necessary Here To Again Distinguish Between Executed Contracts Of Sale And Executory Contracts Of Sale. For This Pur Pose Things Not Yet Existence May Be ...