banker with whose name it is crossed, or if the same be crossed without banker's name, to any other than a banker. But by s. 2, the lawful holder of a cheque uncrossed or crossed with "and Company," or its abbreviation, may cross the same with the name of a banker; and when the cheque is uncrossed, the lawful holder may cross with "" Company' or "Co.," with or without the name of a banker, and such crossing be deemed a material part of the cheque. Persons obliterating or altering a cheque with intent to defraud, guilty of felony. By s. 4, banker is not responsible for paying a cheque which does not plainly appear to have been crossed, or altered. A cheque is negotiable like a bill of exchange, and vests in the assignee the same right of action against the assigner in default of payment. A person having taken a cheque for a debt cannot sue for the debt till he has presented the cheque and payment of it has been refused. But a creditor is not bound to take a cheque on a banker transmitted to him as payment of his debt, and he may commence an action for his debt while the cheque is yet in his hands, Hough v. May, N. & M. 535. There is no settled rule for the presentment of a cheque for payment, further than that it must be within a reasonable time, which, as observed by Lord Ellenborough, must be accommodated to other business and affairs of life, and the party is not bound to neglect every other transaction to present a cheque on the same day he receives it. But a banker, holding sufficient funds on account of his customer, is bound to pay his cheque within a reasonable time; and, if he fail so to do, he is liable to an action, 1 B. & Adol. 415. The holder of a cheque on a banker is not bound to present it for payment till the day following that he receives it, 1 N. & M. 540; but it seems (9 Man. & Gr. 1061) that the time for presentment may be extended by the assent of the drawer, expressed or implied. The drawer of a cheque continues liable, notwithstanding delay in the presentment of it, where things continue the same, and no damage has arisen from the delay, 3 Ad. & E. 52. When the cheque is due on demand, and not payable at the place where received, it may be forwarded for payment by the next post. Payment for a cheque before due is contrary to the usual course of business; and, therefore, when a banker paid a cheque a day before it bore date, which had been lost by the payee, he was liable to repay the amount to the loser, Chitty on Bills, 127. When payment on a bill is made by the drawee giving a draft on a banker, it is not advisable to give up the bill till the draft is paid. If the holder of a draft on a banker receive payment thereof in the banker's notes instead of cash, and the banker fail, the drawer of the cheque will be discharged. XIII. FALSE PRETENCES IN BILLS AND NOTES. By an act of 1858, the 21 & 22 V. c. 47, if a person by any false pretence obtain the signature of any other person to any bill of exchange, promissory note, or other valuable security, with intent to cheat or defraud, the offender is guilty of misdemeanor, liable to penal servitude for four years, or other punishment by fine or imprisonment. It has been decided, in a recent law-suit, that although persons desirous of causing accommodation bills to be discounted are not bound to communicate spontaneously the character of these bills, they are, as traders, not justified in concealing their character if inquiry be made. Such concealment would amount to obtaining money under false pretences. CHAPTER VIII. Award or Arbitration. AN award is the arbitration and judgment of one or more persons at the request of two parties, who are at variance, for ending the matter in dispute without the delay and expense of an action at law or a suit in equity. The act of reference is termed a submission; the party to whom the reference is made an arbitrator; when the reference is made to more than one arbitrator, with a proviso that, in case they shall disagree, another shall decide, that other is called an umpire. Arbitrations are of two kinds; first when there is a cause pending in court; and secondly, when there is no cause pending. The submission in the former case is either by rule of court or judge's order before the trial, or by the order of nisi prius at the trial. In the second case, the submission is by agreement of the parties; which is either in writing or by parol, or by the positive direction of an act of parliament, as in the case of inclosure acts. Experience having shown the utility of these references, especially in settling matters of account; in disputes between neighbours as to ancient lights and drains; cases between landlords and tenants upon dilapidations; matters of privacy arising between family connections; and executors' or trustees' accounts; all which are difficult and inconvenient to be adjusted in a court of law; it is enacted by 9 & 10 W. 3, c. 15, that those who desire to end any controversy, may agree that their submission of the suit to arbitration shall be made a rule of any court of record; and that, after such rules, the parties disobeying the award shall be liable to be punished for a contempt of the court, unless such award be set aside for corruption or misbehaviour, proved on oath, to the court, within one term after the award is made. By 3 & 4 W. 4, c. 42, s. 39, when submission to arbitration has been by rule of court, it is not revocable by either party without leave of the court. The court may also order the attendance of any witness, or the production of any document, and disobedience thereto is deemed a contempt of court. Arbitrators are empowered to administer an oath, and witnesses giving false evidence are subject to the penalties of perjury. The death of either of the parties submitting to an award, or of one of the arbitrators, vacates the submission, unless it contain a stipulation to the contrary. When the submission fixes no time for the making of an award, it shall be understood to be within a convenient time; and if, in such case, the parties request the arbitrators to make an award, and they do not, a revocation afterwards will be no breach of the submission. If, upon the trial of any issue of fact under 17 & 18 V. c. 125, s. 6, it appear to the judge that the question arising involves matter of account which cannot be conveniently tried before him, he may order such matter of account to be referred to an arbitrator appointed by the parties, or to an officer of the court, or, in country causes, to a judge of any county court, upon such terms as to costs as the judge thinks reasonable. Application to set aside any award under reference must be made within seven days of the term next following the publication of the award to the parties, whether made in vacation or term, s. 11. Every one whom the law supposes free, and capable of judging, may be an arbitrator or umpire; but an infant, a married woman, or a person attained of treason or felony, is disqualified. The nomination of the umpire is either made by the parties themselves, at the time of their submission, or left at the discretion of the arbitrators; but it is not unusual for the arbitrators to nominate the umpire before they proceed to consider the subject referred to them. Time and place for investigating the matter being appointed, the parties must attend the arbitrators, either in person or by attorney, with their witnesses and documents. The arbitrators may also, if they think proper, examine the parties themselves, and call for any other information. The arbitrators have a jurisdiction over the costs of the action, as well as over the matter in controversy; and in case of a reference at nisi prius, they may refer the costs to be taxed by the proper officer of the court, but by no one else. As a reference to arbitration is in the nature of a trial, and as the award is the judgment, it ought to be final, certain, and conclusive, so as to leave nothing open to future dispute or litigation. An award must be made in writing, signed and sealed by the arbitrators, and the execution properly witnessed, it may, however, be made by parol, if it is so expressly provided in the submission. An award, in' writing, and under seal, need not have a deed stamp, unless delivered as a deed; but, being only delivered as an award, it is sufficient to have the award stamp. CHAPTER IX. Contracts. MR. COMYN defines a contract an agreement or mutual bargain between two contracting parties entered into either verbally, that is, by word of mouth only, or in writing. When reduced into writing, it is either subscribed with the hands and seals of both the contracting parties, or merely with one or both their signatures. Such contracts as are reduced into writing, under hand and seal. are technically called deeds or special ics; and those which are merely by parol, or in writing not under seal, are denominated simple contracts. The Statute of Frauds requires simple contracts to a certain amount, and under certain circumstances, in order to be valid, to be in writing; but, though written, they still continue, like all other contracts not under seal, to be considered simple contracts. The contracts mostly in use in commercial affairs are simple or parol engagements. The chief legal distinction between simple contracts and contracts by specialty, or deed, it will be proper to explain. 1. In support of an action on simple contract, the creditor must prove it was founded on a sufficient consideration, but in a proceeding on a contract by deed, the want of consideration forms no defence to an action. 2. A deed is not affected by the Statute of Limita tions, which renders any bill of exchange, promissory note, or other simple contract, void at the expiration of six years. 3. The obligation of a deed can only be avoided by a release under seal, and not by parol. 4. And lastly, as a special contract is considered a more deliberate and solemn engagement than by parol, the party bound thereby is not allowed to plead against any stipulation it contains, that it was executed with a different intent to what the terms of the deed itself import. Having explained the relative obligations of simple and special contracts, the different subjects of sale and contract may be treated in the following order : 1. Sale and Conveyance of Estates. 3. Sale of Horses. 4. Sale or Return. 5. Hiring and Borrowing. 6. Warranty of Goods. 9. Stoppage in Transitu. 13. Stamping of Contracts. I. SALE AND CONVEYANCE OF ESTATES. As a general principle, the law affords no redress for oversights committed in the purchase of estates, which might have been avoided by ordinary judgment and vigilance. But if the vendor knowingly conceal latent defects, either as regards the estate or its title, he cannot compel the execution of the contract, though the estate be sold expressly subject to all its faults. A conveyance obtained for an inadequate consideration, from one not conscious of his right, by a person who had notice of such right, will be set aside, though no actual fraud is proved. But if there be no fraud in the transaction, mere inadequacy of price would not be deemed sufficient, even in equity, to vacate a contract, 10 Ves. 292. If it be falsely asserted that a valuation has been made of an estate at a higher price than really was the case, the purchaser is not bound to complete the purchase, 3 Atk. 383. So if the par ticulars of the sale of a house describe it to be in good repair when it is not so, the purchaser need not fulfil the purchase unless there be time to complete the repairs before his right of possession commences. A false affirmation of the amount of rent will relieve the purchaser, 2 Ray. 1118. From the moment of sale, the vendee becomes the virtual owner, and, consequently, from that time, entitled to any profit, or subject to any loss, which may subsequently accrue from the estate. And, on the other hand, the vendor is entitled to interest on the purchase-money from the time of the bargain to that of payment, Sug. Vend. 479. In trust estates, the purchaser is bound to see to the due applica tion of the purchase-money according to the terms of the trust, unless expressly released from that obligation by the terms of the trust. Various persons are disqualified from the purchase of estates ; as trustees to preserve contingent remainders; agents, commissioners of bankrupts, assignees of bankrupts, solicitors to the commission, auctioneers, and, lastly, creditors who have been consulted as to the mode of sale. Contracts for the sale or purchase of estates must be in writing, signed by the parties, and contain the terms of agreement, such |