Arbitration.

9. Until the execution of the said lease, the said premises shall be held by the highest approved bidder as tenant to the landlord, at the rent aforesaid, and subject to the covenants and conditions to be contained in the said lease as aforesaid, so far as the rules of law will permit.

10. In case any dispute shall arise the same shall be referred to two referees &c. (See ante, Precedent I., Form 13).

11. (e) Should the highest bidder neglect or fail to comply with these conditions, his deposit-money shall be thereupon forfeited to the landlord, who shall be at full liberty [either to enforce the letting or] to re-let the premises, at such time and place and in such manner as he shall think fit; and, in case of a re-letting, he shall have the benefit of the increase (if any) in the rent; and the deficiency (if any) for the whole term, and all costs and expenses, shall be made good by the defaulter at the present auction, and be recoverable as liquidated damages (ƒ).

C. CONDITIONS OF SALE OF PERSONAL PROPERTY.
I. GOODS (a).

Biddings. 1. The highest bidder to be the buyer; and if any dispute shall arise respecting any bidding, the lot in dispute to be immediately put up again.

Usual covenant from the lessor :

For quiet enjoyment.

Provisoes:

For re-entry on non-payment of rent for twenty-one days (although no
formal demand); on assignment or under-letting; ceasing to reside;
becoming bankrupt or insolvent; mortgaging or depositing lease;
making assignment for benefit of creditors; suffering execution or
extent; or doing any act by which the premises may be affected;
That lessor, on selling any part of premises may apportion rent;
That receipts for rent shall not be waiver of penalties, nor licence waiver
of future breach;

And for leaving matters in dispute to arbitration."

(e) The sixth and last condition on a letting of tolls may be as follows:

"If the last bidder [or bidders] shall not forthwith enter into such agreement, or shall refuse to perform these conditions, it shall and may be lawful to and for the trustees [or commissioners] of the said turnpike road to put up the said tolls again immediately, or at any time afterwards, and to re-let the same, as if no such bidding had been made; in which case the deposit-money (if any) shall be forfeited, and any deficiency on such subsequent letting shall be made good by the defaulter at the present letting, and be recoverable as and for liquidated damages.

(f) For form of contract to be used in a case of this description, see post,

p. 344.

(a) The conditions in the text are used extensively at different auctionrooms in London, and elsewhere, on the sale of furniture and other effects,

2. No person to advance less than sixpence; above ten shillings, one shilling; above five pounds, five shillings, and so on in proportion.

3. The purchasers to give in their names and places of residence, Deposit. if required, and to pay down a deposit of thirty per cent. in part payment of the purchase-money (b); in default whereof the lot or lots purchased by them may be immediately put up again and

resold.

4. The lots to be taken away with all faults (c), at the buyer's Clearance. expense, within two days after the sale (d), and the remainder of the purchase-money to be paid on or before delivery (e).

Payment.

5. Upon failure to comply with any of the above conditions, the Re-sale. money deposited in part payment shall be forfeited; and all lots uncleared within the time aforesaid shall be re-sold by public or private sale, and the deficiency, if any, on such re-sale, together with all charges attending the same, shall be made good by the defaulter at the present sale.

when the goods are exhibited on the spot. They are also adapted to a pawnbroker's sale.

(b) Sometimes the following is added:

66

And one shilling and sixpence to the auctioneer, to bind the bargain, for all lots sold under £5; two shillings and sixpence for all lots sold at or over £5 and under £10; five shillings for all lots sold at or over £10 and under £20; and £1 5s. per cent. for all lots sold at or above £20.

(c) See ante, pp. 59, 60.

(d) See ante, p. 105.

Lot-money.

Books.

(e) On a sale of books the following condition is frequently used:— The books are presumed to be perfect, unless otherwise expressed; but, if, upon collating at the place of sale, any should prove defective, the purchasers will be at liberty to take or reject them; but the sale of any book or books is not to be set aside on account of any stained or short leaves." Sometimes a condition to the following effect is introduced:"In the event of any purchaser at this sale neglecting to pay for and take Warehouse. away any lot or lots he or she may have purchased, and the same remaining for a longer period than one month from this date, such purchaser, in addition to the amount of the purchase-money, shall, upon each lot so left, pay one shilling per week for warehouse-room, and also five per cent. per annum interest on the amount of the said purchase-money; the same to be reckoned from this day to the time of clearing."

Or, more simply:

"Warehouse-room and expenses of removal will be charged on all lots left uncleared after the time specified, until such lots are taken away or re-sold" (See also next precedent, Form 5).

Where by the terms of the contract goods were to be taken away at the purchaser's expense in fourteen days from the day of the sale, and the purchase-money was to be paid on or before the delivery of the goods, it was held that the seller was bound to deliver when called upon, at any time during the fourteen days, and had not fourteen days to deliver the goods, although the purchaser had fourteen days to take them away; Hagedorn v. Laing, 6 Taunt. 162; 1 Marsh. 514.

room.

Biddings.

Deposit, &c.

Sale "with

price.

II.

THE SAME. ANOTHER FORM.

1. The highest bidder, if in due time, to be the purchaser; subject to the auctioneer having a right to refuse the bidding of any person. Should any dispute arise between two or more approved bidders, or between the auctioneer and any approved bidder, the lot in dispute to be put up again, or not, at the discretion of the auctioneer. The vendors reserve the right to bid.

2. No person to advance less than 1s. at each bidding; above five pounds 5s.; and so on in proportion; nor to retract a bidding.

3. The purchasers are to pay down immediately a deposit of five shillings in the pound, or such other sum as the auctioneer may name, in part payment (each deposit to be applicable to any lot or all lots purchased), and to give in their names and places of abode, when required; in default of which the lot or lots purchased by them to be at the disposal of the auctioneer.

4. All lots to be taken away with all faults, imperfections and all faults." errors of description, at the purchaser's expense and risk, before 4 o'clock on and the remainder of the purchase-money to be Payment of paid before delivery. In cases where one buyer purchases more than one lot, the whole of the amount of the lots purchased is to be paid before any one lot is delivered; also, to prevent inaccuracy in delivery, and inconvenience in the settlement of purchases, no lot can on any account be removed during the time of sale; and no perNo son shall be entitled to anything not described in his lots. allowance whatsoever will be made for errors in description or quantity; but the lots are to be cleared as shown at the sale; and no lots will be transferred from one buyer to another.

Removal of goods.

Re-sale, &c.

Disputes.

5. All lots left after the specified time will be liable to any expenses that may arise from their not having been cleared in accordance with the fourth condition.

6. The purchasers to be answerable for all damage they may do to any lots, or to the premises, in taking down or removing their respective lots, and to properly repair the same before their lots are removed from the premises.

7. Upon failure to comply with the above conditions, the money deposited shall be forfeited; the lots uncleared within the time aforesaid shall be re-sold, either by public sale or private contract, and the deficiency, if any, upon such second sale, together with all charges attending the same, shall be made good by the defaulter or defaulters at the present sale, and be recoverable as and for liquidated damages; but any surplus that may arise therefrom shall belong solely to the vendors.

8. The auctioneer to be the sole arbitrator in every matter of dispute.

III.

CONDITIONS OF SALE OF A SHIP.

of the

The owners of the ship or vessel called the I., of measurement of tons, or thereabouts, now lying at S., cause her to be exposed to sale on the conditions following, viz. :-the owners do consent and agree that whosoever bids most and last in due time, after he has declared his name and the broker has repeated the same, shall be deemed the buyer, who is immediately to pay on account one-fourth part of the purchase-money, and the residue within one month after the sale, or at the time of delivery of the bill of sale, whichever may first happen, and two guineas to the broker to bind the bargain. On payment of the whole purchasemoney, a legal bill of sale shall be made out to the purchaser at his expense, and the vessel, with what belongs to her, shall be delivered according to the inventory which has been exposed; but the said inventory shall be made good as to quantity only. The vessel and stores shall be taken with all faults, in the condition they now lie, without any allowance for weights, lengths, qualities, or any defects whatsoever.

In case any default shall be made by the purchaser or purchasers in the payment afore-mentioned, the money paid in part shall be forfeited to the sole use of the present owners, and they shall be at liberty to put up and sell the said vessel again; and the buyer or buyers so neglecting shall be liable for all loss, costs and damages which may accrue thereby.

; bidders

The said ship is declared to be at the risk of the purchaser, immediately after the sale. The said vessel is put up at £ at each bidding. If any difference shall arise at the sale, the said vessel may be put up again.

to advance not less than £

IV.

MESSRS. TATTERSALL'S CONDITIONS OF SALES OF HORSES AND

CARRIAGES.

Albert Gate, Hyde Park, October 23rd, 1780. Conditions of every Sale by Auction and Private Contract at this Place.

1. The highest bidder to be the buyer; and if any dispute arise between any two or more bidders, the lot so disputed shall be immediately put up again and re-sold.

2. No person to advance less than five shillings; above ten pounds, ten shillings, and so on in proportion.

3. The purchasers to give in their names and places of abode (if required) and to pay down five shillings in the pound (if required) as earnest, and in part of payment; in default of which, the lot so purchased may be immediately put up again and re-sold, if the auctioneeer shall think fit.

4. The lots to be taken away within one day after the sale is

ended, at the buyer's expense, and the remainder of the purchasemoney to be absolutely paid before the delivery of the lot.

5. Upon failure of complying with the above conditions, the money deposited in part of payment shall be forfeited to the owner of the lot, he paying thereout all just expenses, and the lot shall be re-sold by public or private sale, and the deficiency (if any) attending such re-sale shall be immediately made good by the defaulter at this sale.

6. If any person shall purchase a lot and not pay for it within the time limited by the fourth condition, nothing contained in the fifth condition shall prevent the auctioneer, or owner of the lot, from compelling the purchaser to pay for it, if the auctioneer or seller shall so think fit.

7. The vendor shall be entitled to receive the purchase-money of each lot not warranted on the third day from the sale day; and all horses sold with a warranty of any description on Monday will be paid for on Friday; and all horses sold with a warranty of any description on Thursday will be paid for on Tuesday; provided that the auctioneer shall then have received the purchase-money, or delivered the lot out of his custody, but not before.

8. The purchaser of any lot warranted in any way and not answering the warranty given, must return the same on or before the evening of the second day from the sale; otherwise the purchaser shall be obliged to keep the lot with all faults.

9. All horses, carriages, &c., brought to this repository for sale, and sold, or advertised to be sold, by private contract, either by Messrs. Tattersall, the owner, or any one acting as agent for the owner of such horses, carriages, &c., shall pay the usual commission; and no person shall take away his horses, carriages, &c., until the commission, keep and other expenses are paid, whether the same have been sold by public auction or private contract, &c., or are not sold. 10. All horses, carriages, &c., advertised by Messrs. Tattersall (though not upon the premises at the time of sale, either by private contract or public auction) shall pay the usual commission.

Lastly. The conditions of sale are:

If sold by public auction, one shilling in the pound;

If by private contract, one shilling in the pound; and

If not sold, 2 per cent. on the reserve price up to 200 guineas.

No lot will be offered for less than five shillings.

The days of payment are, for unwarranted horses sold on Mondays, Wednesdays; for warranted horses, Fridays only, between the hours of ten and four o'clock.

N.B.-No money paid without a written order.

V.

CONDITIONS OF SALE USED AT ALDRIDGE'S HORSE AND CARRIAGE REPOSITORY.

1. The highest bidder to be the buyer, and if any dispute arise between two or more bidders respecting any lot, before the same is