legal instrument. It simply refers to any
commercial transaction involving offer and
acceptance between competent persons.
The principal is liable even if the con·
tract is made in the agent's name, provided
the other party knows the person with
whom he is dealing is acting merely as an
agent, unless the statute law provides to
the contrary.
When a contract is mad e b y a n agen t
unde r h is p o we r of a tto rney th e agent
in cur s n o p e r sona l liability, nor d oes
he impliedly gu a r antee the honesty,
solvency or good f aith of h is prin cip a l.
However, in the State of California an
agent may be held personally liable when
he contracts for a. principal and fai ls to dis·
close who his principal is; also when he
contracts in his own name; when he con·
tracts for a non·existent or incompetent
principal, and most importantly, when he
exceeds his authority as agent, because in
this latter situation he is liable on his im·
plied warranty of authority.
If the agency agreement is to be worth
anything, it must enable either principal or
agent to recover damages from the other
for a breach of its terms. For that reason
the financial responsibility of the contract·
ing parties should be assured. This can be
met, among other ways, by requiring the
posting of a bond predicated upon the
faithful performance of the obligations of
the contract.
Although Mr. Elliott will discuss the sub·
ject of arbitration, I might say here that
where arbitration clauses are included in
FOR SALE
ALLCLEANANDREFURBISHED
2
2
3
2
3
3
1
1
Bally "Kentuc:kys" .................... $425.00 Ea.
Bally "Sport Kongs" .................. 400 .00 Ea.
Bally "Long Shots" .................. 400 .00 Ea.
Bally "Santa Anita" ................ 400.00 Ea .
Bally "Grand National" .......... 135.00 Ea .
Bally "War Admirals" ............ 250 .00 Ea .
Bally "Lite·A-Pak" .................. 35.00
Jennings 5c: CigareHe "Grand
Stand " .................................. 35.00
2 New "Penny Klix" •.......•......... 10.00 Ea .
Immediate Shipment, 1/ 3 Deposit, Balanc:e
Draft Attac:hed
WANT TO BUY-FIVE BALLS
Big Chiefs. Sc:hool Days. Metros,
Sparky. Sunbeams. Vic:tory. Home
Runs. Sluggers, Four Roses. Jungle.
Etc:.
State Fully What You Have and
Condition of Same and Pric:e.
THE R.F. VOGT DISTRIBUTORS
MILNER HOTEL BLDG.
Phone 5-0461
SALT LAKE Cl'f y. UTAH
agency agreements, most countries of the in a d vance b y a n express stipula
to the effect , for insta n ce, that a ll tli
world provide that awards of the arbi trators
are enforceable in a court of law.
te rms a nd conditions of the agr eem e nt
sh a ll be construe d a nd inte rpreted
Their is no reason to believ·e that the
accordin g to the la ws of the Sta te o f
courts of most civilized foreign countries
Cali fornia .
nQt. render the same quality of justice
Whether the partt~s reduce their nego·
as may be secured in our own courts.
2. Contr acts of Purch ase a nd Sale. ----------------~T UR N PAGE
In this second part of our discussion
whick ·deals wi th that phase of the subject
relating to contracts of purchase and sale,
it is perhaps needless to stress that before
any transaction is undertaken with a pur·
chaser or seller in a foreign country, that
adequate investigation be first pur3ued to
satisfy one's self regarding the busine.s and
financial integrity of such buyer or seller.
Every sale or purchase is a contract
whether it is the result of a verbal agree·
ment, the exchange of letters and cables, or
whether it is the result of a formally drawn
sales or purchase agreement. No transac·
tion is worthy of the effort of negotiation if
there is not a bona fide intention of both
parties to fully perfllrm and live up to its
terms and conditions.
I t is p rim a rily for th e p u rpose of
elim in a ting indefiniten ess and im cer-
ta inty con cernin g their intention that
p a rties reduce the ir unde r sta ndin g t o
PICK·A·FIN average profit is now
writing. In fo r eign tr ade, b ecau se of
$33.05. Operated CONS ISTENT·
th e g re at d istan ce b e tween the n egotia-
L Y in hundreds of spots for over
ting par ties a nd to m inimize the m e nta l
two years.
haza rd that m a y e x ist, the p a rties u su -
a lly a d o pt a form a l typ e of a gr eem ent
* * * *
of sale, selling f orth the ir intentio n s.
Jumbo holes. CIRCULAR sewed
When all of the foreseeable and usual
gold foil seals. hand stamped
contingencies are covered by carefully con·
winners. Good tic:ket.
sidered conditions of sale, disputes will be
usually avoided. Provision for the quality,
* * * *
60 seal board of whic:h 21 seals
quantity and price of the commodity as
are opened. 10 seals @ $5.00. 1
well as for the terms of payment, inspec·
seal @ $2.00. 1 seal @ $1.00 and
tion, insurance, duty and other items will
48 seals @ SOc:. Average per
nullify the mental hazard of doing business
seal $1.28 1f3.
under loosely worded or understood phases
1200 holes take in ...... $60.00
of the transaction.
As in the case of agency agreemen ts, per·
Average Payout ........ 26.95
haps the first question to consider relates to
Average Profit .......... 33.05
the law governing a particular transaction
Maximum Profit .......... 49.50
between an American and a foreigner.
Same style 1200 hole board in
Which country's law is to govern? How is
other 5c:. 10c: and 25c: play.
this to be determined? In case of a dispute
it is apparent that two different j urisdic·
5c: PLAY TEN SPOTS,
tions are involved.
Average Profit .... $31.16
In the ahsence of a definite agreement of
5c:
PLAY WIN-N GRIN,
the parties establishing under which law
Average Profit .... 32.84
the agreement is to be interpreted in case
of a possible dispute, private international
10c: PLAY PICK-A-TEN,
law may dictate that the place where the
Average Profit .... 59.40
contract was made shall govern; or, that
25c: PLAY $25.00 SPECIAL,
the place where the agreement is to be
Average Profit .... 137.07
performed shall be the lex fori.
Without a n understanding o f the
IMMEDIATE
DELIVERY
commercia l laws of the foreign coun·
(Phone 278)
try a c omplete or a d e quate -money
judgment in satisfaction of a possible
dispute m a y not be had. COJisequently,
the doubts on this point can be resolved
will
PROFIT NOVELTY CO.
FRANKFORT. INDIANA
ANOTHER MONTH
NEARER VICTORY!
HELP BRING IT CLOSER -
MORE WAR BONDS
BUY
--" _ ~ /j,. L L ...
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INTERNATIONAL MUTOSCOPE CORPORATION
PENNY ARCADE HEADQUARTERS SINCE 1895
Manufadurerl of Photomatlc: and Other Famoul Coin Operated Equipment
IF YOU WANT TO
SELL
Any Type of Coin-
Operated Equipment
--SEE--
PAUL A. LAYMON
DISTRIBUTOR
44-01 ELEVENTH STREET, LONG ISLAND em I, NEW YORK
THE BLUE BLOODS OF THE INDUSTRY READ THE REVIEW EXCLUSIVELY!
COIN
MACHINE
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FOR
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