Author: Henry Foster Buswell

Publisher: Rarebooksclub.com

Published: 2013-09

Total Pages: 260

ISBN-13: 9781230039213

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. 1889 edition. Excerpt: ...contract whereby a compensation is stipulated for a service to be performed. It is no more an " account," and no more connected with " the trade of merchandise," than a bill of exchange, or a contract for the rent of a house, or the hire of a carriage, or any other single transaction which might take place between individuals who happened to be merchants. An entry of it on the books of either could not change its nature and convert it from an isolated transaction between individuals into an account concerning the trade of merchandise between merchant and merchant. The question must depend on the nature and character of the transaction, not on the book in which either party may choose to enter a memorandum or statement of it. So an account between two joint owners of a vessel was held not to be an accoimt between merchant and merchant, or relating to the between merchants may form a part of their mutual dealings But the exception cannot be applied to transactions between banking institutions; for these are embraced neither by the letter-nor the spirit of the saving clause, and manifest reasons of public policy require that the liquidation of balances between banks should be regular and frequent" Where it appeared that the dealings were between merchants on the one side and bankers on the other, Lord Eldon said: " This bill has no allegation that the foundation of the suit is accounts between merchants relative to merchandise between merchant and merchant, unless it is considered as alleging that by implication, from the statement of the character in which the plaintifl's stood, and the business carried on,"--which inference he refused to adopt." This case was after-' wards followed in...