PREFATORY NOTE

An effort has been made in this book to state as concisely and clearly as possible the leading and fundamental principles of business law, and in place of extended abstract explanations of them to substitute simple concrete examples showing them in their actual application to business transactions. In order that the conclusions drawn in these examples may be verified and not rest upon mere conjecture, the examples have for the most part been taken from cases decided in the courts. At the end of each chapter are given a number of concrete problems without the conclusions, intended to afford an exercise in the application of the principles drawn from the text and the examples. These also have been taken mainly from the decided cases. The drill in the examples and problems should be constant and thorough, and will be found far more interesting and instructive and far better calculated to develop intelligent thinking and reasoning than the memorizing and repeating of abstract dogmatic statements.

The arrangement of the book has kept in view a logical analysis and unfolding of the subject. But if for any reason it should be thought desirable to deal with negotiable instruments earlier in the course, it would do equally well to interchange Parts II and III, giving the latter first.

Should the book prove too extended for the time allotted, Parts V and VI may be omitted, although it would be well to cover, if possible, the chapter on partnership. The last three chapters do not fall clearly within the scope of business law, and for this reason and because it has been the object not unduly to extend them, the examples and problems have been for the most part omitted and numerous facsimiles of formal