for originality, for grace of workmanship in him who fashions, and for certainty of delight to him who reads.—_Encyclopædia Britannica._ [To be continued.] [A] The words in ~this type~ call attention to “~Readings~” to follow. COMMERCIAL LAW. By EDWARD C. REYNOLDS, ESQ. II.—NOTES AND BILLS. Although unpleasant papers to have outstanding with one’s name attached to them, at all events when that indicates, by its position, personal liability, yet a knowledge of their leading characteristics is so convenient in a time of a necessity which forces us, or some with whom we may have mercantile engagements, to have recourse to them, that we think best to insert proper forms here. Note. $200. PORTLAND, ME., October 1, 1883. Thirty days after date I promise to pay to John Ray (“or order” or “or bearer”) two hundred dollars. Value received. JOHN J. ROE. Draft, or Bill of Exchange. $200. PORTLAND, ME., October 1, 1883. At thirty days’ sight (or thirty days after date), pay to the order of John Ray two hundred dollars—value received—and charge same to account of To JOHN ROE, Boston, Mass. RICHARD ROE. If John Roe accepts of the conditions of the bill he will write his name across its face together with the date on which it is done, prefixing same with the word “accepted.” In the outline analysis given below our readers will readily discover all the essential elements of a contract, which is of course the foundation principle of commercial paper. ANALYSIS. PLACE—Portland, Maine. DATE—October 1, 1883. TIME—Thirty days. SUBJECT MATTER: {Note—Promise to pay,} $200. {Bill—Order to pay, } CONSIDERATION—“Value received.” { {John Roe, maker. {NOTE. {John Ray, payee. PARTIES: { { {Drawer, Richard Roe. {BILL. {Drawee, John Roe. {Payee, John Ray. After acceptance of the bill by John Roe, the drawee, he is placed in the same position, as regards it, that John J. Roe is in, as regards the note, that is, each becomes primarily liable for its payment. Now, in actual business, notes and bills similar to those here given become important factors as a medium of exchange, being recognized as such by virtue of their negotiability, and proving acceptable as such when the parties thereto are of unquestioned financial ability. What is the ear-mark of negotiability?