This bill is just as transferable as a mortgage. If for any reason Mr. Smith should decide to sell it, say to Robert Brown, he should make the following endorsement across the back:
"In consideration of ——— dollars, the receipt of which is hereby acknowledged, I do hereby sell and assign to Robert Brown, the written account, which is justly due from the within named Charles W. Pratt, and I hereby authorize the said Robert Brown to collect the same. "John Smith." "Newburg, N. Y. November 1, 1910."
Regarded simply from a business viewpoint and without considering ethics, "Honesty is the best policy."
Bills, where possible, should be promptly paid.
Prompt payment is a guarantee of credit and credit is the heart if not the soul of business.
Never, if it can be avoided, buy goods on the installment plan.
Be sure to get a receipt for all payments you make, and be equally sure to keep the receipt where you can find it.
Examine all bills and invoices; compare them with the goods received, and no matter what your faith in the seller's care and honesty, calculate for yourself the price of each item, and be sure that the total is correct.
DISCOUNT IN TRADE
It is a business custom, when a bill is paid before it is due, to allow a discount. This may be the legal rate of interest, or any percentage agreed on in advance.