and the vendors, by themselves or their agent, shall be at liberty to bid once for the property.

3. The purchaser shall pay, immediately after the sale, to the vendor's solicitor, a deposit of per cent. in part of the purchase money, and sign an agreement for the payment of the remainder on or before the day of 18. The premises will be sold subject to all defects or imperfections of title subsisting before the commencement of the title of the present vendors, and not occasioned by any act done by them or any person claiming under or in trust for them; and subject also to the several mortgages outstanding appearing on the certificate of the registrar of the county of which will be produced at the time of sale.

4. The purchaser shall accept a conveyance from the vendors, to be prepared at his own expense, on payment of the remainder of the purchase money; and possession will be given on completion of the purchase from which time the purchaser shall be entitled to the rents and profits. But if, from any cause, the remainder of the purchase money shall not be paid on the day of 18 the purchaser shall pay interest for the same at the rate of per cent. from that day to the day of payinent; but, nevertheless, this stipulation is without prejudice to the vendor's right of re-sale under the last of these conditions.

5. If any mistake be made in the description of the property, or there be any other error in the particulars of sale, the same shall not annul the sale, but a compensation or equivalent shall be given, or

taken, as the case may require, according to the average of the whole purchase money (on such error or mis-statement being proved): such compensation or equivalent to be settled by two referees or their umpire-one referee to be chosen by each party, within ten days after notice given of the error, and the umpire to be chosen by the referees immediately after their appointment.

6. The purchaser shall not be entitled to the production of any title deeds other than such as are in the vendor's hands, or in the hands of the several mortgagees.

7. Lastly, upon failure of complying with the above conditions, the deposit shall be forfeited, and the vendor shall be at full liberty (with or without notice) to re-sell the property by public auction or private sale; and if, on such re-sale, there should be any deficiency, the purchaser shall make good such deficiency to the vendor, and all expenses attending such re-sale; the same to be recoverable as liquidated damages.

[NOTE.-Special conditions may be necessary to meet particular cases; but the above conditions will meet ordinary cases. Except in very plain and simple cases, the services of a professional man should be procured.]

Conditions of Sale of the Court of Chancery.

1. No person shall advance less than $10 at any bidding under $500, nor less than $20 at any bidding over $500; and no person shall retract his bidding.

2. The highest bidder shall be the purchaser; and, if any dispute arise as to the last or highest bidder, the property shall be put up at a former bidding.

3. The parties to the suit, with the exception of the vendor, and (naming any parties, trustees, agents, or others, in a fiduciary situation) are to be at liberty to bid.

day of

4. The purchaser shall, at the time of sale, pay down a deposit in the proportion of $10 for every $100 of his purchase money to the vendor or his solicitors, and shall pay the remainder of the purchase money on the next, and upon such payment the purchaser shall be entitled to the conveyance, and be let into possession. The purchaser at the time of such sale to sign an agreement for the completion of the purchase.

5. The purchaser shall have the conveyance prepared at his own expense, and tender the same for execution.

6. If the purchaser shall fail to comply with the conditions aforesaid, or any of them, the deposit and all other payments made thereon shall be forfeited, and the premises may be re-sold, and the deficiency, if any, by such re sale, together with all charges attending the same or occasioned by the defaulter, shall be made good by the defaulter.

CHAPTER VI.

BILLS AND NOTES.

A Bill of Exchange (foreign or inland) is defined to be an open letter of request from one man to another, desiring him to pay a sum named therein to a third person, on his account.

Foreign Bills are such bills as are drawn in any foreign country upon a person residing here or abroad, or drawn in this country upon a person residing in a foreign country, and payable abroad.

Inland Bills are those bills which are drawn in Canada upon any person residing in any place within the province.

Foreign bills bear so strong a resemblance in their form to inland bills that there is no occasion to notice them separately. The law affecting them is, in general, identical with the rules regulating inland bills. The leading distinctions are, that a formal protest is necessary (as regards the drawer and indorser) if they be dishonored on presentment for acceptance or payment. It is also observable that the laws and customs of the foreign country in which a foreign bill is payable, or in which the

party to be charged resides, may, even in our Courts, regulate the time of payment, protest, &c.

It may also be mentioned, as a slight distinction between a foreign and an inland bill, that the former is, in general, drawn in sets; that is, there are several parts thereof. Therefore, the form of a foreign bill is, in general, "at after sight," or

"date," &c., "pay this my first of exchange [second and third of same tenor and date not paid] to, &c." This condition should be inserted in each part, and should in each mention every other part of the set. Each part ought to be delivered to the

payee.

The custom of merchants requires that bills of exchange, whether foreign or inland, should be in writing.

It seems extremely doubtful at what period, or by whom, foreign bills of exchange were first invented; although it appears tolerably certain that they were in use in the fourteenth century; and an inference drawn from the statute 5 Rich. II., st. 1, c. 2, warrants the conclusion that foreign bills were introduced into England previous to the year 1381.

Inland bills of exchange (which were so called because they were drawn as well as payable in England) did not originate at a much earlier period than the reign of Charles II,-probably about the year 1645, when banking began to be extensively carried on by the goldsmiths.

Form of an Inland Bill of Exchange.

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$100.00 Toronto, 1 January, 1870.2