have recourse against the parties, should give immediate notice to each of the prior indorsers and the drawer. This notice is generally required to be given within twenty-four hours, or under the circumstances already mentioned forty eight hours after non-payment, where the bill is an inland one. In the case of a foreign bill, notice by the next mail after non-payment is sufficient. A longer time would however be allowed in any cases where the holder did not know the address of any of the parties. The notice should clearly express that the bill has been presented and refused payment. The party on receiving notice is bound to pay the amount of the bill to the holder.

Promissory Notes, in regard to negotiability, are in general regulated by the same rules as bills of exchange. In regard to presentment for payment however, the maker of a promissory note is placed in a less favourable position than the acceptor of a bill of exchange. Thus the case of Rumball v. Ball, 10 Mod. 38, decided that to charge the maker in an action on a note payable on demand, a demand need not be alleged or proved, for the action itself is a demand!! Unless, too, the promissory note is payable at a particular place, no presentment for payment or notice of dishonour is required to charge the acceptor. Indorsers however, of promissory notes are not liable to the holder, unless due presentment for payment, and notice of dishonour have been given. Bankers only may issue promissory notes for £100 and under, payable to bearer on demand.

A Cheque is an obligatory order on a banker to pay money. Cheques are usually drawn payable to bearer, but sometimes to order, self, or a specified person. Cheques are rarely, if ever, accepted. By the 23 Vic., c. 15, a stamp duty of one penny is imposed on cheques. The holder of a cheque, who omits to present it for payment within a reasonable time, will have to bear the loss in the case of the failure of the bank. "A person receiving a cheque has till the following day to present it, when there is the ordinary means of doing

so." (Tindal C. J. Moule v. Brown, 4 New Ca. 267.) But this rule is only applicable where the drawer is prejudiced by the delay.

Cheques which are intended to be forwarded by post are usually crossed. A crossed cheque is one which has the name of a banker written across it, or has two transverse lines drawn across it, and with the words "and company, or any abbreviation thereof, with or The effect of any of

without the name of a banker. these crossings is to prevent payment except to a banker, or (as the case may be) to the banker specified. Where the crossing is general, any lawful holder may strike out the crossing, and insert the name of a banker.-21 and 22 Vic., c. 79.

A bill of lading is a document acknowledging the receipt of goods on board a vessel, and expressing the conditions on which they are to be carried to a specified place and person. The difference between a bill of lading and a charter party is that the latter is a contract for the whole or a particular part of the ship. Where the owners of a vessel profess to carry goods for any person willing to pay the freight, the vessel is called a general ship.

The contract of debt arises whenever a definite or liquidated sum becomes payable to any person. Debts are either of record, as a judgment; specialty, as a bond; or simple contract debts, as a loan. The contract of debt may arise in many ways. Thus, if money be deposited with a banker to be drawn out by cheque as required, and on closing the account the banker should refuse to pay the customer the balance, it may be recovered as money lent. Where there are co-defend. ants in an action of contract any one of them after judgment recovered against himself may sue the other or others for contribution; but where the action was for a tort any co-defendant paying the whole amount of the judgment has no redress against his co-defendants.

A guarantee being "a promise to answer for the debt, default, or miscarriage of another," is required, as we have seen, by the 4th section of the Statute of

Frauds, to be in writing. Previously to the 19 and 20 Vic., c. 97, s. 3, the consideration for the guarantee was required to appear on the face of the document. Guarantees are limited where their extent and duration are specified, continuing when the liability of the surety is unlimited. Where a guarantee is given to a firm it will only bind the surety so long as no change takes place in the firm, unless otherwise expressed.

The contract of landlord and tenant is too well known to require a definition. Whenever by the terms of the contract there is an agreement for the use of a specified piece of land, or a particular house or part of a house, the contract, being one relating to lands, tenements, or hereditaments, is required by the Statute of Frauds to be in writing. The tenancy may be for any period fixed by the parties, but is usually yearly for lands and unfurnished houses, monthly for furnished houses, and weekly for lodgings. Where the tenancy is yearly, or in other words, from year to year, notice to quit must be given six calendar months (182 days) before the expiration of any current year. Where however, the tenancy begins and ends at any of the usual quarter days, notice for the half-year or two quarters before the expiration of the current year is sufficient notice. Where the tenancy is monthly or weekly, notice for a month or week terminating with the current month or week is requisite. In all cases however where premises are taken for any specified period, as one week, one month, one year, no notice is requisite.

Rent is not strictly due until midnight of the day on which it is made payable. Should the rent not be paid when due, the landlord may on the following day enter upon the premises and take possession of the goods he may find there. This right of the landlord is called a distress. Tools and implements of trade, and beasts of the plough are privileged from distress, while other sufficient distress can be found. Articles in actual use at the time cannot be distrained, and the same privilege is extended to goods which have been sent to a tradesman or artificer in the way of his trade,

for any particular purpose, as cloth sent to a tailor's shop to be made into clothes, corn sent to a mill to be ground or sold.

The goods when distrained are impounded on the place or in a pound. Notice of the distraint is then given to the tenant, and unless payment of the rent and charges is made within five days, or the goods are replevied, the articles distrained are appraised by two sworn appraisers, and after such appraisement the goods distrained are sold in satisfaction of the rent, and of the charges of distress, appraisement and sale, and the surplus (if any) belongs to the tenant. One of the harshest features of the law of distress is that the goods of an under tenant or lodger, may be distrained for rent due by his landlord to the owner of the premises. A tenant from year to year in the absence of express stipulation, is bound to keep the premises wind and water-tight, but he is not bound to make substantial repairs.

A contract of life assurance is an engagement by one party in consideration of a series of periodical payments called premiums, to pay a sum of money on the death of another. It differs from a contract against the perils of the sea, or against fire, in not being of the nature of an indemnity, although it resembles those contracts in requiring that the insured should have a pecuniary interest in the subject-matter of the policy.

In Fire Assurance Policies the most important requisite is the proper description of the subject-matter of insurance, to show the nature of the risk. After the policy has been effected, any alteration in the premises increasing the risk will invalidate the policy.

Marine policies are either voyage or time policies. A voyage policy is one intended to be confined to one or more voyages, while a time policy states the period for which the assurance is to last. Voyage and time policies are also subdivided into valued and open policies. În both time and voyage policies there is an implied warranty, that all the usual shipping documents shall be carried on board the vessel, and that she will

pursue her voyage without deviation. Where the policy is a voyage policy, there is also an implied warranty that the vessel is seaworthy, and sufficiently manned when she puts to sea.

Losses or damages to the subject-matter of marine insurance are either partial, general average, or total. Total losses are again divided into two kinds, absolute and constructive. A partial loss arises where only partial damage is done to the subject-matter of insurance. In the language of underwriters, a partial loss is called a particular average. Most policies however, contain a clause exempting the insurers from liability for particular average losses, which are below a specified value. A general average loss arises whenever a general contribution or general average, as it is called, has to be made between the owners of the ship, freight, and cargo in proportion to their interests, after there has been any sacrifice of property in the course of the voyage, for the general benefit of all. An absolute total loss occurs where the subject-matter of the assurance is totally destroyed or annihilated, or is placed by the perils insured against in such a position, that it is totally out of the power of the assured or the underwriters, to procure its arrival at the port of destination. A constructive total loss arises where some disaster takes place, which renders the restoration of a ship or cargo improbable, and which entitles the assured to claim as for a total loss, on giving due notice of abandonment, as where goods are so much damaged in the course of the voyage, that they would not be worth the cost of forwarding to their destination.

Like other contracts, fraud in regard to any material circumstance will invalidate the contract, and all express or implied warranties by the assured must be observed.

The contract of master and servant arises where one person engages to serve another for a recompence. The duration of the contract varies, but it is in general for a year. Although the general presumption in regard to such contracts is, that they are yearly,