Stevenson v. Mortimer 78 Martin v. Harrison Markwick v. Hardingham Matthews v. Lowther Maugham v. Sharp McEwan v. Smith Moreton v. Hardern.. Morris' Case Morton v. Tibbett Paice v. Walker Parson v. Hayward Pearse v. Chamberlain 68 Stuckley v. Bailey 151 121 Swire v. Redman 19 13 84 151 Taylor v. Salmon 145 Tempest v. Kilner 143 21 MERCANTILE LAW. INTRODUCTION. THE Lex Mercatoria or Mercantile Law Introduction. of this country, is not only of considerable importance, but likewise of considerable antiquity. It has grown with the growth of our commercial prosperity, and strengthened with its strength, until it has assumed its present proportions and attained its present completeness. Taking its rise in a remote period of the history of the world, the progress of commercial law may be traced through successive generations. It has been handed down to us as matured by the teachings of experience and consolidated by the wisdom of the past. We are considerably indebted to the Civil Law for much of our knowledge of this subject. This knowledge has been increased by our intercourse with other nations, and we have adopted from the systems of other countries what has been found of advantage. We can, therefore, look with satisfaction at the present condition of this branch of the law, B Introduction. as it is due, not so much to legislative enactment, as to the wisdom of a class to whom "necessity has been the mother of invention." The principles of the law on the subject are, on this account, clearly defined, and although there are branches of it, such as Bankruptcy and Bills of Sale, always liable to alteration, in order that they may keep pace with the requirements of the age, still these are the exceptions, and the law is practically unalterable. The first subject treated of in the following pages is the law relating to persons who may carry on business either separately or in conjunction with others. Trade may be carried on by various people, we have, therefore, in the following pages dealt Ist. With the persons who may carry on trade. 2nd. With the property by means of which trade is carried on. 3rd. With the contracts by which persons in trade bind each other and themselves. 4th. The law of Bankruptcy. It must not be lost sight of that the law, as stated in the following pages, is intended to apply to cases in which there is no express agreement. Anyone can enter into an agreement for any purpose whatever, so long as the subject matter of such agreement is Introduction. not illegal, tainted with fraud, nor against public morals. It is only, therefore, in the absence of an express agreement that the Courts of Law are called into requisition in order to make clear what is ambiguous. PART I. Sole Traders. Objectionable CHAPTER I. SOLE TRADers. Trade means traffic, commerce, the exchange of goods for other goods, or for money. It was carried on from the earliest times by means of exchange and barter, one thing being given or exchanged for another, and the same custom prevails at the present day in those primitive nations where money is not known and the want of it is not felt. Every individual in the possession of his faculties, who is of mature age, may carry on business as a sole trader, unless there is some special disqualification that applies to his case. No person can interfere with this right of sole trading, but if the business is one that is prejudicial to the health of the neighbourhood, the law will compel the trader to carry it on in such a manner as not to be either injurious or offensive to his neighbours. The maxim in such a case, being "Salus |