which now are, or may hereafter become due, owing and payable for, or on account of all or any of the accounts, dues, debts, and demands above assigned giving and granting unto the said attorney, full power and authority to do and perform all and every act and thing whatsoever requisite and necessary, as fully, to all intents and purposes, as might or could do, if personally present, with full

power of substitution and revocation, hereby ratifying and confirming all that the said attorney or substitute shall lawfully do or cause to be done by virtue

hereof.

In Witness Whereof, I have hereunto set my hand and seal the day of

one thousand eight hundred and

Executed and Delivered in the Presence of

(Signature.) (Seal.)

(33.)

Assignment of a Bond.

Know all Men by these Presents, That

in the hereunto annexed obligation named, for and in consideration of the sum of lawful money of the United States of America, unto

well and truly paid by

at the time of the execution hereof, the receipt whereof hereby acknowledge, have assigned, transferred and set over, and by these presents, do assign, transfer and set over unto the said (assignee) his executors, administrators and assigns, to and for his and their only proper use and behoof, the said hereunto annexed obligation, which is given and executed by day of

to

bearing date the

Anno Domini, 18 to secure the payment of the sum of with lawful interest therein expressed, and all moneys, both principal and interest, thereon due and payable, or hereafter to grow due and payable, with the warrant of attorney to the said obligation annexed: together with all rights, remedies, incidents and appurtenances, whatsoever thereunto belonging, or in any wise appertaining, and all right, title and interest therein.

Assignment of a Bond, with Power of Attorney, and a Covenant.

Know all Men by these Presents, That

of the first part, for and in consideration of the sum of money of the United States of America, to

lawful

in hand paid by

of the second part, at or before the ensealing and delivery of these presents, the receipt whereof is hereby acknowledged, ha bargained, sold and assigned, and by these presents do bargain, sell and assign, unto the said party of the second part, executors, administrators, and assigns, a certain written bond or obligation

and conditions thereof, bearing date the one thousand eight hundred and

day of

executed by

and all sum and sums of money due, and to grow due thereon: and the said party of the first part do covenant with the said party of the second part, that there is now due on the said bond or obligation, according to the conditions thereof, for principal and interest, the sum of

the said party of the second part, in

and do hereby authorize name to ask, demand, sue for, recover,

receive, and enjoy, the money due and that may grow due thereon, as aforesaid.

Assignment of a Judgment, in the Form of an Indenture.

Now this Indenture Witnesseth, That the said part of the first part,

in consideration of

to

duly paid, ha

assigns,

sold, and by these presents do assign, transfer, and set over unto the said part of the second part, and assigns, the said judgment, and all sum and sums of money that may be had or obtained by means thereof, or on any proceedings to be had thereupon. And the said part of the first part, do hereby constitute and appoint the said part of the second part, and true and lawful attorney, irrevocable, with power of substitution and revocation for the use, and at the proper costs and charges of the said part of the second part, to ask, demand and receive, and to sue out executions, and take all lawful ways for the recovery of the money due or to become due on the said judgment: and on payment to acknowledge satisfaction, or discharge the same. And attorneys one or more under for the purpose aforesaid, to make and substitute, and at pleasure to revoke; hereby ratifying and confirming all that

said

of

attorney or substitute shall lawfully do in the premises. And the said part the first part do covenant, that there is now due on the said judgment the sum of and that will not collect or receive the same, or

any part thereof, nor release or discharge the said judgment, but will own and allow all lawful proceedings therein, the said part of the second part saving the said part of first part, harmless of and from any costs in the premises. In Testimony Whereof, The part of the first part, ha hand and seal the day and year first above written.

set

hereby acknowledge, do hereby assign and transfer to said

hereunto

(Seals.)

to

the receipt whereof I do

all

claims and demands which I now have, and all which, at any time between the date

hereof and the

have against

day of

next, I may and shall for all sums of money due, and for all sums of money

and demand which, at any time between the date hereof and the said

and his assigns to be my attorney irrevocable in the premises, to do and perform all acts, matters, and things touching the premises, in the like manner to all intents and purposes as I could if personally present.

In Witness Whereof, I have set my hand and seal, this

CHAPTER X.

SALES OF PERSONAL PROPERTY.

SECTION I.

WHAT CONSTITUTES A SALE.

Ir is important to distinguish carefully between a sale and an agreement for a future sale. This distinction is sometimes overlooked; and hence the phrase "an executory contract of sale," that is, a contract of sale which is to be executed hereafter, has come into use; but it is not quite accurate to speak of this as if it were a sale. Every actual sale is an executed contract, although payment or delivery may remain to be made. There may be an executory contract for sale, or a bargain that a future sale shall be made; but such a bargain is not a present sale; nor does it confer upon either party the rights or the obligations which grow out of the contract of sale.

A sale of goods is the exchange thereof for money. More precisely, it is the transfer of the property in goods from a seller to a buyer, for a price paid, or to be paid, in money. It differs from an exchange, in law; for that is the transfer of chattels for other chattels; while a sale is the transfer of chattels for money, which is the representative of all value.

Here we must pause to speak of the legal meaning of the word, property." It is seldom or never used in the law as it is in common conversation, to mean the things themselves which are bought, or sold, or owned. Because in law it means the ownership of the things, and not the things themselves.

If a bargain transfers the property in (which means the ownership of) the thing to another person for a price, it is a sale; and if it does not transfer the property, it is not a sale; and, on the other hand, if it be not a sale, it does not transfer the property. As soon as

And to

a thing is sold, the buyer owns it, wherever it may be. constitute a sale at common law, all that is necessary is the agreement of competent parties that the property in (or ownership of) the subject-matter shall then pass from the seller to the buyer for a fixed price.

The sale is made when the agreement is made. The completion of the sale does not depend upon the delivery of the goods by the seller, nor upon the payment of the price by the buyer. By the mutual assent of the parties to the terms of the sale, the buyer acquires at once the property and all the rights and liabilities of property; so that, in case of any loss or depreciation of the articles purchased, the buyer will be the sufferer; and he will be the gainer by any increase in their value.

It is, however, a presumption of the law, that the sale is to be immediately followed by payment and delivery, unless otherwise agreed upon by the parties. If therefore nothing appears but a proposal and an acceptance, and the vendee departs without paying or tendering the price, the vendor may elect to consider it no sale, and may, therefore, if the buyer comes at a later period and offers the price and demands the goods, refuse to let him have them. But a credit may be agreed on expressly, and the seller will be bound by it; and so he will be if the credit is inferred or implied from usage or from the circumstances of the case. And if there be a delivery and acceptance of the goods, or a receipt by the seller of earnest, or of part payment, the legal inference is that both parties agree to hold themselves mutually bound by the bargain. Then the buyer has either the credit agreed upon, or such credit as from custom or the nature or circumstances of the case is reasonable. But neither delivery, nor earnest, nor part payment, is essential to the completion of a contract of sale. They only prevent the seller from rescinding the contract of sale without the consent of the purchaser. Their effect upon sales under the provisions of the Statute of Frauds will be considered in the chapter on that subject. It may also be said that no one can be made to buy of another without his own assent. Thus, if A sends an order to B for goods, and C sends the goods, he cannot sue for the price, if A repudiates the sale, although C had bought B's business.