A Treatise of the Law of Partnership Author:William Watson Purchase of this book includes free trial access to www.million-books.com where you can read more than a million books for free. This is an OCR edition with typos. Excerpt from book: CHAPTER V. Special. IN this chapter I am to treat partnerfhip, in contradiftinction to fuch as is general. Throughout the common occurrences of trade and m... more »erchandize, partnerfhip becomes fpecial, from fome peculiar circum- ilances which arife out of the nature of the contract, or the condition of the parties contracting, and it is ufually contracted for a particular concern, or for a fingle dealing or tranfaction. In many parts of Europe, confined and limited partnerfhips are contracted and allowed, provided the parties have fuch agreements entered on a regifterj and the rifk of lofs in fuch cafe is very frequently limited and confined to one fide only, and ufurious intereft may confequently be received without incurring any rifle: to remedy which fuppofed evil in this country, limited partnerfhips have been difallowed in our courts here; for in England the rule is faid to be a, that if a H. Blac. 37. partner partner fhares in the advantages, he fhall alfo fhare in all the difadvantages of the partner- fhip concern. This fubjecT: appears to have been difcufied by writers upon the civil law, and a queftion hath arifen, If A. and B. fhould covenant between themfelves that A. fhould receive two parts of the profit, and bear but a third of the lofs, and that B. fhould bear two parts of the lofs, and receive but a third fhare of the profit, whether fuch an agreement fhould be binding? Some have been of opinion, that fuch a covenant was contrary to the nature of partnerfhip, and ought not therefore to be ratified j but, a different opinion feems to have prevailed, and for this reafon, becaufe the labour of fome is fo highly valuable, that it is butjuft, that they fhould be admitted into partnerfhip upon the moftadvantageous conditions. Another opinion hath alfo obt...« less