cipal has justified the belief that he has given authority to such agent. An agency may be presumed from repeated acts of the agent, adopted and confirmed by the principal. If the principal does not disavow the acts of the agent as soon as they come to his knowledge, he makes these acts his own. The adoption of the agency in part is an adoption in whole. The agent must have authority under seal to bind his principal under seal. Parol ratification of a deed made by an agent not authorized under seal, would not remedy the defect.

5. If an agent commit an injury to person or property, and the liability is assumed by the principal, the agent is not relieved from his liability. A general agent must adopt the mode of performing his duties which is fixed either by usage or the orders of his principal. A special agent must follow the orders of his principal alone. When the agent's instructions do not cover the whole case, he must conform to the established usage. When this usage is defined by law, it must be strictly followed.

6. If the principal give orders to his agent to sell, the agent is not authorized to sell on credit, unless such be the usage of the trade. If such be the usage, then the agent may sell on credit, unless he has received special instructions to sell for cash only. If he sell on credit, having no authority to do so, he becomes personally responsible to the principal for the whole debt. The agent is personally liable-1. If he act without authority; 2. If he exceed or depart from his authority; 3. If he pledge his personal liability; 4. If he conceal his character as

sumed? What acts will justify such presumption? When does the principal make the unauthorized acts of the agent his own acts? If he adopts the agency in part? If an agent make a deed without authority under seal, would parol ratification remedy the defect?

5. If an agent commit an injury to person or property, and the principal assume the responsibility? What mode must a general agent adopt in performing his duties? By what is a special agent governed? When the agent's instructions do not cover the whole case? When the usage is defined by law?

6. If the principal give orders to his agent to sell, can he sell on credit? If he sell on credit, having no authority to do so? In what

agent; 5. If he render his principal inaccessible; 6. If he does not bind his principal; 7. If he act in bad faith. The principal may revoke the authority of his agent at The revocation should be made known as any time. generally as the fact of the agency, in order to release the principal from the future acts of such agent.

7. Notice to an agent respecting any matter distinctly within the scope of his agency is a notice to his principal. An agent cannot delegate his authority without express authority from his principal. If the agent has no authority to appoint a substitute, the substitute cannot be held. as the agent of the principal. He is only the agent of the agent who employs him. The person so employed is responsible only to his immediate employer, and must look to him for compensation.

8. The agent is required to exercise the same degree of care and diligence in the transaction of the business of his principal that men generally exercise in transacting their own business of the same class. The principal bargains for the exercise of all the skill, ability, and industry of the agent, and he is entitled to demand the exertion of all these in his favor. The agent must not, during his agency, put himself in a position adverse to his principal. As agent to sell, it is his duty to get the highest fair price. As agent to buy, it is his duty to buy at the lowest fair price. If an agent to buy be himself the vendor, the court will presume that the transaction was injurious to the principal, and will not allow the agent to

seven cases is the agent personally liable? When may the principal revoke the authority of his agent? What publicity should be given to the revocation to exonorate the principal from liability from future acts of the agent?

7. When is a notice to the agent a notice to the principal? Can an agent delegate his authority? If an agent, without authority, appoint a substitute, whose agent is the substitute? To whom is the person so employed responsible?

8. What degree of care and diligence is an agent required to exercise in the transaction of the business of his principal? For what does the principal bargain? Can an agent, during his agency, put himself in a position adverse to his principal? As agent to sell, what is his duty? As agent to buy, what is his duty? If an agent to buy be himself the

contradict this presumption, unless, with a knowledge of all the facts, the principal gave his agent previous authority to be such buyer or seller, or afterwards assented to such purchase or sale.

9. The liability of the agent for deviating from instructions, or for misconduct, is measured by the loss or injury which he may cause to his principal. If the loss were not immediately caused by the misconduct of the agent, yet if it be the result of some previous misconduct, the agent is responsible. The verdict against the principal for the misconduct of the agent, is the measure of damages which the principal may recover against his agent.

CHAPTER XLVIII.

BROKERS, FACTORS, AND ATTORNEYS.

1. BROKERS are those agents who are engaged for others in negotiating contracts relative to property. A broker is the agent of his employer. There are several kinds of brokers. Exchange-brokers negotiate in all matters of exchange with foreign countries. Ship-brokers transact business between the owners of vessels and merchants who are engaged in shipping goods. Insurancebrokers are those who are engaged in procuring insurance for others. Pawnbrokers are engaged in loaning money at a high rate of interest, and receiving goods in pawn as a security for the money loaned and interest. Stock

vendor, what will the court presume? When only will the court allow the agent to contradict this presumption?

9. What is the liability of the agent for deviating from instructions or for misconduct? If the loss were not immediately caused by the misconduct of the agent, but resulted from some previous misconduct ? What is the measure of damage which the principal will recover from his agent?

1. Who are brokers? In what capacity does a broker act? the business of exchange brokers? What is the business

brokers are those who are employed to buy and sell shares of stock in corporations and companies.

2. Factors are agents employed to sell goods consigned or delivered to them by their principals. When the factor resides in the same country with his principal, he is called a domestic factor. He is called a foreign factor when he resides in a different country. When the agent accompanies the ship, taking a cargo aboard, and it is consigned to him for sale, and he is to purchase a return cargo out of the proceeds, such agent is properly called a factor, although usually known by the name of a super

cargo.

3. A factor differs from a broker in some important points. The factor may buy and sell in his own name, as well as in the name of his principal. The broker, acting as such, should buy and sell in the name of his principal. The factor is intrusted with the possession and control of the goods bought and sold, and has a lien on them for his commissions. The broker has no such possession of the goods, or lien for his commissions.

4. There is a difference between the liability of a domestic and a foreign factor. By the usage of trade or intendment of law, when domestic factors are employed in the ordinary business of buying and selling goods, it is presumed that a reciprocal credit between the principal, and the agent, and the third party exists. When a purchase has been made by such factor, he, as well as his principal, becomes liable for the debt; and in case of sale, the buyer is responsible both to the factor and principal

broker? What is the business of an insurance broker? What is the business of a pawnbroker? What is the business of a stock broker?

2. For what purpose are factors employed? Who are domestic factors? Who is a foreign factor? Who are supercargoes?

3. What is the difference between a factor and a broker as to the sale of goods? As to the possession of the goods? As to their lien for commissions?

4. Is the liability of a foreign and domestic factor the same? When a domestic factor is employed in the ordinary business of buying and selling goods, what is presumed? When a purchase has been made by such factor, who becomes liable? When a sale has been made by such

for the purchase-money. The presumption of reciprocal credit may be rebutted by proof of exclusive credit. Foreign factors, or those acting for principals residing in a foreign country, are held personally liable upon all contracts made by them for their employers. In such cases, the presumption is, that the credit is given exclusively to the factor. But this presumption may be rebutted by proof of a different agreement.

5. Factors sometimes act under a del credere commission. A del credere commission is one under which the factor, in consideration of an additional premium, engages to insure to the principal the solvency of the debtor, and the payment of the debt. Factors in this country are generally known as commission merchants. The compensation of factors and brokers is called commissions.

6. The broker and factor are bound to exercise the same degree of care and diligence that men generally exercise in the transaction of their own affairs. They render themselves liable for any neglect, error, or default incompatible with the care and skill required in the business they undertake. They are bound to obey the positive instructions of their principal, unless an unforeseen emergency arise, in which case they must act in good faith, and for the obvious advantage of their principal. The factor having possession of the goods may insure them.

7. A foreign factor, as to third parties, is considered as principal. The foreign principal may sue third parties; but third parties cannot sue the principal. They act with

factor, to whom is the buyer responsible? Can the presumption of reciprocal credit be rebutted? When a purchase has been made by a foreign factor, who is liable? To whom is the credit presumed to be given? Can this presumption be rebutted?

5. Under what commission do factors sometimes act? What is a del credere commission? By what name are factors in this country generally known? What is the compensation of brokers and factors called?

6. What degree of care and diligence are factors and brokers required to exercise? For what do they render themselves liable? What are they bound to obey? If an unforeseen emergency arise, how are they bound to act? Who may insure goods?

7. How are foreign factors considered as to third parties? Are the