The Chautauquan, Vol. 04, April 1884, No. 7Chautauqua Literary and Scientific Circle
Religion
The Chautauquan, Vol. 04, April 1884, No. 7
Chautauqua Literary and Scientific Circle
Chautauqua Institution -- Periodicals; Chautauqua Literary and Scientific Circle -- Periodicals
In whatever capacity as special agent for another, one is acting, he is
ever bound to keep and render proper account of the business entrusted to
his care; to keep his principal properly informed regarding it; to use
due diligence in business; to treat the property of his principal with
same care and handle with same prudence, as a man of ordinary carefulness
and forethought would his own. All this means only, that he should act
with ordinary skill, and should render to his principal fair and honest
service.
What terminates the agency? Death or insanity of either party;
completion of work undertaken; expiration of time agreed upon; by
express declaration of either party at pleasure, the other having due
notification, and by such action acquiring a valid claim for whatever
damages result on account thereof.
Partnership.
It is of constant occurrence that persons deem it advisable to unite
themselves together for the prosecution of some general or particular
business, paying their respects, by such act, to the old saw, “In union
there is strength.” They agree by such an association to undertake
the business, which induced them to unite their efforts with the hope
of attaining to better results. The partners may or may not equally
participate in the activities of the business to be undertaken, and may
or may not stand on equal footing so far as relates to the sharing of
the gains and losses. All of this is governed by their agreements at the
outset, and its subsequent mutually agreed upon changes.
Like other species of contracts, the conditions of partnerships may be
agreed upon verbally, may be in writing, and may result by implication.
Of the three, which? Regarding this and all other engagements, establish
a rule to which adhere rigidly. The rule: Have a thorough understanding
with all parties with whom you contract; reduce it to writing, and
have all interested parties sign. In this way the difficulties of
misunderstandings and convenient forgetfulness will be less troublesome.
It is worth all it costs to bear this precaution in mind.
Public-domain text, read in full here on John Shaqi.
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