An Elementary Treatise BY ALFRED W. BAYS " PROFESSOR of commercIAL LAW, NORTHWESTERN UNIVERSITY OF COMMERCIAL LAW" AND "AMERICAN New Bork THE MACMILLAN COMPANY 1919 All rights reserved HF/235 COPYRIGHT, 1919, BY ALFRED W. BAYS. Set up and electrotyped. Published September, 1919. Norwood Press J. S. Cushing Co. - Berwick & Smith Co. PREFACE THESE pages are intended for use by students in schools and for readers in general who desire a brief exposition of the underlying principles of the law governing business transactions. The author has deemed it essential to make the statement as plain as possible and to resist the temptation to elaborate. Physical limitations themselves in a book of this character require brevity. But the chief consideration is that the students for whom this book is intended cannot be expected to derive more than a general, and in some cases, unfortunately, a transient knowledge unless in later life in or out of school they pursue the study further. The author is convinced that many books of this type are spoiled by wrongly directed ambition. What is said here should be of a basic or introductory nature. Accordingly, the first several chapters aim to present a general discussion culminating in a statement of the purpose of the study of "business law." For the same reason more space has been given to the fundamental subject of contracts than to any other. After much consideration, it has been decided not to include forms. Several reasons have induced to this conclusion. The chief purpose of putting forms in a book of this character is to acquaint the student with their appearance and phraseology. But when it is remembered that the students may purchase from any |