cóntradict this presumption, unless, with a knowledge of all the facts, the principal gave his agent previous authority to be such buyer or seller, or afterwards assented to such purchase or sale.

9. The liability of the agent for deviating from instructions, or for misconduct, is measured by the loss or injury which he may cause to his principal. If the loss were not immediately caused by the misconduct of the agent, yet if it be the result of some previous misconduct, the agent is responsible. The verdict against the principal for the misconduct of the agent, is the measure of damages which the principal may recover against his agent.

CHAPTER XLVIII.

BROKERS, FACTORS, AND ATTORNEYS.

1. BROKERS are those agents who are engaged for others in negotiating contracts relative to property. A broker is the agent of his employer. There are several kinds of brokers. Exchange-brokers negotiate in all matters of exchange with foreign countries. Ship-brokers transact business between the owners of vessels and merchants who are engaged in shipping goods. Insurancebrokers are those who are engaged in procuring insurance for others. Pawnbrokers are engaged in loaning money at a high rate of interest, and receiving goods in pawn as a security for the money loaned and interest. Stock

vendor, what will the court presume? When only will the court allow the agent to contradict this presumption?

9. What is the liability of the agent for deviating from instructions or for misconduct? If the loss were not immediately caused by the misconduct of the agent, but resulted from some previous misconduct? What is the measure of damage which the principal will recover from his agent?

1. Who are brokers? In what capacity does a broker act? What is the business of exchange brokers? What is the business of a ship

brokers are those who are employed to buy and sell shares of stock in corporations and companies.

2. Factors are agents employed to sell goods consigned or delivered to them by their principals. When the factor resides in the same country with his principal, he is called a domestic factor. He is called a foreign factor when he resides in a different country. When the agent accompanies the ship, taking a cargo aboard, and it is consigned to him for sale, and he is to purchase a return cargo out of the proceeds, such agent is properly called a factor, although usually known by the name of a supercargo.

3. A factor differs from a broker in some important points. The factor may buy and sell in his own name, as well as in the name of his principal. The broker, acting as such, should buy and sell in the name of his principal. The factor is intrusted with the possession and control of the goods bought and sold, and has a lien on them for his commissions. The broker has no such possession of the goods, or lien for his commissions.

4. There is a difference between the liability of a domestic and a foreign factor. By the usage of trade or intendment of law, when domestic factors are employed in the ordinary business of buying and selling goods, it is presumed that a reciprocal credit between the principal, and the agent, and the third party exists. When a purchase has been made by such factor, he, as well as his principal, becomes liable for the debt; and in case of sale, the buyer is responsible both to the factor and principal

broker? What is the business of an insurance broker? What is the business of a pawnbroker? What is the business of a stock broker?

2. For what purpose are factors employed? Who are domestic factors? Who is a foreign factor? Who are supercargoes?

3. What is the difference between a factor and a broker as to the sale of goods? As to the possession of the goods? As to their lien for commissions?

4. Is the liability of a foreign and domestic factor the same? When a domestic factor is employed in the ordinary business of buying and selling goods, what is presumed? When a purchase has been made by such factor, who becomes liable? When a sale has been made by such

for the purchase-money. The presumption of reciprocal credit may be rebutted by proof of exclusive credit. Foreign factors, or those acting for principals residing in a foreign country, are held personally liable upon all contracts made by them for their employers. In such cases, the presumption is, that the credit is given exclusively to the factor. But this presumption may be rebutted by proof of a different agreement.

5. Factors sometimes act under a del credere commission. A del credere commission is one under which the factor, in consideration of an additional premium, engages to insure to the principal the solvency of the debtor, and the payment of the debt. Factors in this country are generally known as commission merchants. The compensation of factors and brokers is called commissions.

6. The broker and factor are bound to exercise the same degree of care and diligence that men generally exercise in the transaction of their own affairs. They render themselves liable for any neglect, error, or default incompatible with the care and skill required in the business they undertake. They are bound to obey the positive instructions of their principal, unless an unforeseen emergency arise, in which case they must act in good faith, and for the obvious advantage of their principal. The factor having possession of the goods may insure them.

7. A foreign factor, as to third parties, is considered as principal. The foreign principal may sue third parties; but third parties cannot sue the principal. They act with

factor, to whom is the buyer responsible? Can the presumption of reciprocal credit be rebutted? When a purchase has been made by a foreign factor, who is liable? To whom is the credit presumed to be given? Can this presumption be rebutted?

5. Under what commission do factors sometimes act? What is a del credere commission? By what name are factors in this country generally known? What is the compensation of brokers and factors called?

6. What degree of care and diligence are factors and brokers required to exercise? For what do they render themselves liable? What are - they bound to obey? If an unforeseen emergency arise, how are they bound to act? Who may insure goods?

7. How are foreign factors considered as to third parties? Are the

the factor only, and on the factor's credit. The weight of decisions favors the rule that the several States in the Union are not foreign States to each other as to factors, although they are foreign to each other as to bills of exchange. The factor may buy and sell, sue and be sued, collect money and give receipts in his own name. broker can do this only in the name of his principal. The factor has a lien on the property for his commissions. The broker has no lien. Neither can delegate his authority. Neither has a right generally to his commissions until the service is completed. If, however, an important part of the service has been performed, and its completion is prevented by some irresistible obstacle, without their fault, they may demand pro rata compensation. They must have discharged all their duties with proper care, skill, and fidelity, before they can have a valid claim for commissions. For injuries resulting from default, they lose their claim for commissions, and the principal is also entitled to recover damages.

8. Attorneys, in an extended sense, include all who are employed to transact business for others. A power of attorney may be given by one person to another, to perform any act which the person granting the power could himself perform. One person, by power of attorney under seal, may authorize another to sell real estate, and make and execute a deed for him and in his name. An attorney is bound to transact the business intrusted to his care with due diligence, and is responsible for carelessness, negligence, or want of skill. An attorney-at-law is an

different States foreign as to factors? As to bills of exchange? What may the factor do in his own name? Can the factor or broker delegate his authority? When are they entitled to their commissions? If an important part of the service has been performed, and its completion is prevented by some irresistible obstacle, without their fault? In what manner must their duties have been discharged? For injuries resulting from default, what do they lose? To what further is the principal entitled?

8. What does the term attorneys include in its extended sense? What acts may be performed under a power of attorney? How is the attorney bound to transact the business intrusted to him? For what is he re

officer of the court. He is employed as an agent to transact the business of his clients in court. The agreement of the attorney, within the scope of his employment, binds his client. It is the duty of an attorney-at-law--1. To be true to the court and his client; 2. To manage the business of his client with care, skill, and integrity; 3. To keep his client informed as to the state of his business; 4. To keep the secrets of his client, confided to him as such. If an attorney deposit his client's money to his own private account, he is responsible if the money be lost. If he deposit it to the account of his client, he is not responsible. If discharged by one party, he may act for the other party, provided he makes no improper use of the knowledge obtained in acting for his former client. Like all other agents, he is responsible to his client for any carelessness or negligence in transacting his client's business. He is not responsible for mistakes in doubtful points of law or practice, nor for the fault of council retained by him.

CHAPTER XLIX.

TRUSTEES.

1. TRUSTEES are those who hold property in trust for the use and benefit of others. The party entitled to the benefit of such trust-property is called in law the cestui que trust (pronounced ceti ke trust). Trustees are appointed by the deed or will of the person vesting the

sponsible? Of what are attorneys-at-law officers? For what purpose are they employed? Within what may the attorney bind his client? What are the duties of an attorney-at-law? If the attorney deposit the money of his client in his own name, and it is lost, who is responsible? If he deposit it in the name of his client? If discharged by one client in a suit, can he act for the other party? For what is he responsible to his client? For what is he not responsible?

1. Who are trustees? What is the party entitled to the benefit of such trust called in law? How are trustees appointed? If an estate is