BOUGHT NOTE
Legal Term: BOUGHT NOTE
Definition: contracts. An instrument in writing, given by a broker to the seller of merchandise, in which it is stated that the goods therein mentioned have been sold for him. There appears, however, some confusion in the books, on the subject of these notes sometimes they are called sold notes. 2 B. & Ald. 144 Blackb. on Sales, 89.
2. This note is signed in the brokers name, as agent of the buyer and seller, and, if he has not exceeded his authority, the parties are thereby respectively bound. 1 Bells Com. (5th ed.) 435, Holts C. 170, Story on Agency, 28, 9 B. & Cr. 78, 17 E. C. L. R. 335, 5 B. & Ad. 521, 1 N. R. 252, 1 Moo. & R. 368, Moo. & M. 43, 22 E. C. L. R. 243, 2 M. & W. 440, Moo. & M. 43, 6 A. & E. 486, 33 E. C. L. R. 122, 16 East, 62 Gow, R. 74, 1 Camp. R. 385, 4 Taunt. 209, 7 Ves. 265. Vide Sold Note.
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