Clay v. T. H. Allen & Co.

Citations

• 63 Miss. 426

Syllabus

<p>1. Contract. For future delivery of cotton. Validity thereof.</p> <p>A contract of sale for the future delivery of cotton is binding, unless it be shown that it was the intention of both parties thereto that there should be no actual delivery, but only a settlement by the jiayment of the difference between the contract price and the market price when the delivery is to be made.</p> <p>2. Same. Construction of. Burden of proof.</p> <p>Where a contract of doubtful import may be construed as legal or illegal, that construction must be adopted which makes it legal, and the burden of proof is upon him who sets up the illegality of a contract to show everything necessary to render it so.</p>