Promissory Notes and Bills of Exchange: What a Business Man Should Know Regarding Them (Classic Reprint)

I ntroductory. It is desirable that a business man should have some knowledge of the principles of law, particularly in its application to commerce, and more especially in relation to Bills and Notes. Ignorance of it can never be successfully urged in prosecuting or defending an action. COMMON LAW is the unwritten law that has come to us by tradition, custom, and the decisions of the courts, based on well-known general usage, and common-sense principles of justice. STATUTE LAW is the written law, or A cts of Parliament, made from time to time by theL egislatures, and its enactments wholly over-rule the common law. lhe History of Bills of Exchange and Promissory Notes shows how the usages of merchants, bankers, and traders became the common law in regard to these instruments. When disputes arose in connection with them, the courts simply required that the general usage among merchants and bankers should be proved, and this being judicially ascertained, it received the sanction of legal decision, and consequently became incorporated into the common law. These legal decisions, again, as precedents became the basis of other decisions. This law-making power of merchants is known as theL aw-merchant (L ex mercatoria) which the courts of justice are bound to know and recognize.
(Typographical errors above are due to OCR software and don't occur in the book.)

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