A Treatise On the Law of Partnership
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Pell had the right, generally, at least, ap- pertaining only to a partner, of inspect- ing the concern's books. Moreover, the clause of the agreement by which Pell becomes entitled to an annuity of 200/. A year, " as in lieu of the profits of the trade, " seems to admit and to imply Pell's claim to interest in those profits, and, in one view of it at least, to be only a stipulation by which the amount of Pell's ultimate share therein is fixed, and not one by which his interest is changed or div...erted. The remarks of counsel upon this case, in Grace v. Smith, are not inapt in this connection. " Grose & Adair, for the defendant, argued that the present case is very distinguishable from that of Bloxham v. Pell. Pell was to be paid out of the profits of the trade, as appears from the covenant to inspect the books, which else would be useless. His annuity was expressly given as in lieu of those profits. It was contingent in another view, as it depended on the life of Brooke, by whom those profits were to be made.
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To quickly assess the difficulty of the text, read a short excerpt:
Pell had the right, generally, at least, ap- pertaining only to a partner, of inspect- ing the concern's books. Moreover, the clause of the agreement by which Pell becomes entitled to an annuity of 200/. A year, " as in lieu of the profits of the trade, " seems to admit and to imply Pell's claim to interest in those profits, and, in one view of it at least, to be only a stipulation by which the amount of Pell's ultimate share therein is fixed, and not one by which his interest is changed or div...erted. The remarks of counsel upon this case, in Grace v. Smith, are not inapt in this connection. " Grose & Adair, for the defendant, argued that the present case is very distinguishable from that of Bloxham v. Pell. Pell was to be paid out of the profits of the trade, as appears from the covenant to inspect the books, which else would be useless. His annuity was expressly given as in lieu of those profits. It was contingent in another view, as it depended on the life of Brooke, by whom those profits were to be made.
What to read after A Treatise On the Law of Partnership?
You can find similar books in the "Read Also" column, or choose other free books by Theophilus Parsons to read onlineMoreLess
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