returned into the stable or place of such lot, it may be immediately put up again for sale, or the auctioneer may declare which bidder he thinks proper to be the purchaser.

2. No person to advance less than five shillings above one pound; ten shillings and sixpence above ten pounds; and one guinea after twenty guineas, and so on in proportion.

3. Buyers are to state their names and places of abode, and pay a deposit of 25 per cent. on each lot at the time of purchase, and the remainder of the purchase-money on the day of sale and before delivery of the lot; and in case of non-payment the seller may either rescind the contract, in which case the deposit will be forfeited, or re-sell the lot by public auction on the buyer's behalf with or without notice to him, in which case the buyer will be liable to pay to the seller the difference (if any) between the sum agreed to be paid by him for the lot and the amount realized by such re-sale; also the commission on the re-sale, the keep of the lot, and all other charges whatever, deducting the deposit.

4. Any horse sold at this establishment with a warranty must, in case the buyer contend that it does not correspond with such warranty, be returned before five o'clock, p.m., on the second day after the sale (Sunday excluded); otherwise it shall be deemed and taken to be in all respects as warranted, as between all persons, and the non-return within the time limited shall be a bar to any claim on account of any breach of warranty, and the buyer shall be bound to keep and pay for the horse, whether it be or be not according to the warranty.

5. Should a horse warranted quiet in harness, or to ride, be so returned, it shall be tried by an impartial person, to be named by the proprietors of this establishment, whose decision shall be final and conclusive upon all persons; and a fee of ten shillings for the trial shall be paid by the party in error.

6. Should any horse, sold here, warranted to ride or draw, be considered by the buyer to be incapable of working, from any infirmity or disease, it may be returned here before five o'clock on the second day after the sale, with a certificate from a veterinary surgeon to that effect; if not so returned with such certificate, it shall be taken not to have been returned within the meaning of the fourth condition; and if such certificate be not confirmed by another, to be furnished by the vendor within two days, or in case the vendor shall neglect or refuse to furnish such certificate, the auctioneer shall immediately appoint a veterinary surgeon, whose decision shall be final and binding, and the whole expense must be paid by the party

in error.

7. No horse considered to be affected with glanders, mange or other infectious or contagious disorder must, under any circumstances, be returned in accordance with the fourth condition; but in lieu of such return a notice in writing of the fact of the horse being so affected, and of the place where it stands, must be given at this establishment within the time mentioned in that condition, accompanied with the certificate of a veterinary surgeon that the horse is

so affected; and in case of omission to give such notice, accompanied by such certificate, within such time, the said horse shall be deemed and taken to be, as between all persons, not affected by any such disorder, and such omission shall be a bar to any claim on account of the said horse being so affected, and the buyer shall be bound to keep and pay for the same whether it be or be not so affected.

8. If such notice from the buyer, accompanied by such certificate, be given, the vendor will immediately be required to procure a certificate from his veterinary surgeon; and in case of non-agreement of these two opinions, or in case the vendor neglect or refuse to furnish such certificate within two days after his receiving the notice, then the auctioneer shall appoint a veterinary surgeon, whose decision shall be final and binding upon all parties, and all expenses must be paid by the party in error.

9. The seller shall in no case be entitled to receive payment of any money before it has been received from the buyer; but if received, he shall be entitled to the net proceeds, of the property sold at the Wednesday's sale, on the following Monday, and on property sold on Saturdays, on the following Thursday, between ten and four o'clock.

10. A right is reserved to the vendor of any horse, carriage, or other property sent to or left at this establishment, to bid by or through the auctioneer; and unless such property is protected by a written reserve, it shall be considered to have been so sent or left for the purpose of sale by auction, and may be sold by public auction, without reserve, at the next sale day after it shall have been so sent in; or if any horse, carriage, or other property, protected by a written reserve, be not sold or removed within one month from the date of such reserve, the same may be sold by public auction without reserve, at the next sale day, with or without notice to the owner, who may receive the net proceeds of such sale on either of the days as above.

11. Five shillings is charged on each horse, five shillings on each carriage, two shillings and sixpence on harness or saddle and bridle, and ten shillings on each dog entered on the books for sale, whether the lot or lots be put up or not; and the commission on all sales is five per cent., except for dogs, which is ten per cent.; and shall apply to any lot returned as not answering warranty.

3s. 6d. is charged for the keep of each horse per day and night; 6d. for ostlers; and, if sold, 1s. 6d. for halter.

5s. is charged per week for the standing of four-wheel carriages; and 3s. per week for the standing of two-wheel carriages; and 1s. for washing.

12. The above conditions apply to all horses, carriages, &c., brought to this repository for sale, whether they be sold by auction, or privately by the owner, or by any person employed by him.

13. No horses, carriages, &c., shall be taken away until all expenses are paid.

Lastly. The name, description and address given by the vendor will in all cases be furnished to a purchaser, if requested; and in case of dispute the remedy of the buyer shall be against such vendor

only, and in no case or under any circumstances against the auctioneer or proprietors of this establishment, who are to be regarded to all intents and purposes as agents for a disclosed principal.

VI.

CONDITIONS OF SALE OF STOCKS AND SHARES.

1. The highest bidder shall be the purchaser; and if any dispute Biddings. arise as to any bidding, the lot in dispute shall be put up again, or the auctioneer may decide the dispute.

2. No person shall advance at any bidding a less sum than shall be named by the auctioneer at the time of sale; and no bidding shall be retracted. The vendor reserves to himself the right to fix a reserve price, and to bid up to that sum by himself or his agent.

3. Each purchaser shall immediately after the sale pay into the Deposit. auctioneer's hands a deposit of £10 per cent. in part payment of his

or her purchase-money, and sign an agreement for payment of the Contract. remainder at the offices of the auctioneers, on the day of when and where the purchases are to be completed; Interest. and if from any cause whatever any purchase shall not be completed on that day, the purchaser shall pay to the vendor interest after the rate of £10 per cent. per annum on the remainder of the purchasemoney from that day until the actual completion of the purchase.

4. The title to the shares shall consist solely of certificates of the Title. respective companies, showing such shares to have been registered in the names of the owners, who will, at the expense of the purchaser, Assignassign the said shares to him, or otherwise cause the same to be ment. vested in him.

5. If any lot shall appear to have been improperly described, or Compensaany other error or misstatement be found in the particulars, such tion. misdescription, error or misstatement shall not vitiate the sale, but the vendor or purchaser, as the case may be, shall allow or pay a compensation in proportion to the amount of the purchase-money, the amount of such compensation to be determined by the auctioneer.

6. The auctioneer acts upon the sale only as agent for the vendor, Auctioneer whose name he will disclose at the sale. He will not guarantee any only agent. transfer or registration, or any other formality or other matter.

7. If any of the purchasers fail to comply with any of the above Re-sale, &c. conditions, the deposit-money paid by him or her shall be absolutely forfeited to the vendors, who shall be at full liberty to re-sell the property sold to such purchaser or purchasers, either by public or private sale; and the deficiency, if any, arising from such second sale, together with all expenses attending the same, shall be made good by the defaulter or defaulters at the present sale, and be recoverable as liquidated damages, and it shall not be requisite for the vendors previously to tender any assignment or transfer to such purchaser or purchasers.

MEMORANDUM.-We, the undersigned, hereby acknowledge that at the sale by auction made this day of the property comprised in the above particulars we became the purchasers of the lots, in the schedule hereunder written, against which we have signed our names, at the prices therein stated, and have paid the deposits therein mentioned; and we hereby agree to complete the said purchase agreeably to the annexed conditions.

On behalf of the vendor we hereby confirm the above sale.

[Date.]

[Auctioneers' signature.]

Life policy.

VII.

CONDITIONS OF SALE OF A POLICY OF INSURANCE, A LIFE OR
REVERSIONARY INTEREST IN PERSONALTY, &c. (ƒ).

1-4. [The same as in Precedent I., ante, p. 306.]

5. The vendor shall, within [fourteen] days from the day of sale,

(f) Although it has been found convenient to class these matters under one head, it is hardly likely that the same set of conditions will exactly apply to all of them. Much depends upon the nature of the property and the circumstances of the title. When the property passes by deed, the conditions will not vary materially from those already given for a sale of a freehold or leasehold estate. When it is transferable by the handing over of scrip or other indicia of property, or by simple indorsement or registration, the conditions assume more the character of those used on the sale of goods, and the stipulations respecting the delivery of an abstract, &c., should in such cases be omitted.

On the sale of a policy of insurance, if the vendor is not able to prove that the person on whose life the assurance is made was in good state of health when the policy was effected, and of the age mentioned in the policy, and that nothing has been done to vitiate the policy, conditions should be inserted restricting the purchaser's rights in these respects; Brealey v. Collins, You. 317. So also, if the vendor is not prepared with evidence that the person who effected the assurance had an assurable interest within the meaning of the statute 14 Geo. III, c. 48 (i.e., a pecuniary interest; Halford v. Kymer, 10 B. & C. 724), in the life of the assured, and that such

deliver to the purchaser or his solicitor an abstract of his title to the property (g).

6. [See ante, p. 307, Form 7.]

7. [See ante, p. 307, Form 8.]

8. [See ante, p. 308, Form 10.] (h).

9. If any error, &c. [See ante, p. 308, Form 12.]

10. If the purchaser shall fail, &c. [See ante, p. 309, Form 13.] [Memorandum.]

VIII.

CONDITIONS OF A COMMERCIAL SALE (i).

1. The highest bidder to be the purchaser; if any dispute arise it is to be decided by a show of hands, or to be left to the decision of the selling brokers.

interest is subsisting at the time of the sale, the want of such evidence should be noticed in the conditions.

On the sale of life and reversionary interests, if legal proof cannot be had of the ages of the persons interested in the property, conditions restrictive of such evidence should be inserted. If the property consists of a life interest in the funds, and it is intended that "the purchaser shall not be entitled to any dividends which shall accrue due or be payable on any day prior to the actual completion of the purchase," an express stipulation to that effect should be inserted; Anson v. Towgood, 1 Jac. & W. 637.

(g) If there be any restriction as to the title of the property, it should be introduced in this place.

The following conditions are frequently used on the sale of policies of insurance :

"The vendor shall not be required to verify the statements in the declaration made in the insurance-office on effecting the policies, except that, when the age of the insured has not been admitted by the said office to be correct, the vendor shall produce certificates of baptism, which shall be deemed conclusive evidence as to age.

"The purchaser shall require no further evidence of the validity of the policy than the solemn declaration of Mr. the assured, that when the policy was effected he was in a good state of health [or, "he had an insurable interest in the life mentioned in the policy, to the amount of £ "], and that nothing has been done, within his knowledge, to vitiate the policy, and the production of the receipt for the premium last due."

(h) The following, or a corresponding, stipulation, may be inserted next: "Upon payment of the residue of the purchase-money at the time and place aforesaid the purchaser shall be entitled to all advantages accruing upon the [policy] from the time of the sale. [The purchaser shall pay all premiums becoming due upon the policy between the time of the sale and the completion of the purchase].' Or: "The death of [the vendor] before completion shall not affect the validity of the contract."

(i) Commercial sales are usually held by brokers who are also licensed as auctioneers. The conditions in the text are, in a great measure, founded upon those formerly used by the East India Company.