After the business is wholly settled, all liabilities being paid, and not till then, is a partner entitled to his share of the partnership funds.
Notice of the dissolution of a partnership should be publicly given, it being necessary in the case of one or more retiring from the firm, in order to secure them from future liability. Individually this notice is given by mail to all with whom the firm has been dealing. This, in addition to ordinary publication of notice in newspaper, is sufficient.
SALES—Personal Property.
A sale is the transfer of certain property from one to another for a certain sum paid or to be paid, those being parties to it, to make it valid, who are competent to enter into a contract.
A sale effected entitles the purchaser to possession of the goods on payment of price agreed upon; or, if purchaser be given credit, at once, unless there be some special agreement to the contrary.
In the case of goods shipped to a purchaser who becomes insolvent before they have been delivered, the vendor may order the carrier to hold them subject to his (vendor’s) order, thereby exercising a privilege given him by law, and called the right of stoppage in transitu.
All sales are not made with an actual knowledge on the part of the vendee of the quality of his purchase, some being by sample. Sales in this manner give credence to the inference that the samples constitute a part of the goods sold, and therefore the goods must be of same quality as the samples, else the vendor does not comply with the conditions of the contract to which he is a party, and the purchaser may refuse to complete the sale by acceptance of the goods.
The quality of goods sold must be as represented by the vendor, if he warrants them by such representation, in order to secure a sale. In sales each one is supposed to be on his guard. “Let the purchaser beware,” is the maxim. And if, without actual fraud, concealment or misrepresentation on the part of the vendor, the vendee is deceived in a purchase because of poor judgment, he alone must suffer the consequences and take the loss. A warranty of an article puts the vendor under the necessity of making compensation to vendee, if the article is defective wherein warranted.
A purchase of stolen property gives to the purchaser no title as against the true owner, or the one from whom the property was stolen, even though the purchase be made in good faith, and for a full consideration. “Let the purchaser beware.”
There is but one species of personal property to which this will not apply, and that negotiable commercial paper.