Contracts And Partnership : Containing All the Essential Elements Necessary to Make a Complete And Binding Contract, Together With a Full Explanation of the Law of Partnership With Many Forms of Both Contracts And Partnerships

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159.
PRINCIPLES OF THE LAW OF PARTNERSHIPS.
CHAPTER I.
OF THE FORMATION OF PARTNERSHIP.
Sec. 501. INTRODUCTORY.— Partnerships are of ancient origin, and the law of partnerships is a com- pound of the Roman Civil Law, the Law-Merchant, and the Common Law. Under the Roman law part- nership was founded upon confidence, and was inde- pendent of contract. The partners, usually united by a tie of blood, were mutual trustees in the business, and shared the profits in proportion to the contribution eac
...h made to the common fund. During the middle ages, when trade was carried on under great difficul- ties, partnership assumed its modern form. It was recognized as a contractual relation, but the necessity of trade confining partners to members of the same family, perpetuated the Roman principle of its being a confidential relation and negatived the doctrine of consideration, which had become the controlling ele- ment in contractual relations. Partnership became a function of trade; by the Law-Merchant a partner had the power to buy, sell, or make any contract in the course of trade; the Common law, which recognized H6 PARTNERSHIPS.

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