Fort Worth City Co. v. Smith Bridge Co.

Citations

• 151 U.S. 294
• 14 S. Ct. 339
• 38 L. Ed. 167
• 1894 U.S. LEXIS 2057

Syllabus

<p>This court cannot take notice of a stipulation of counsel as to evidence bearing on a finding of the court below in an action brought here by writ of error.</p> <p>Time was not of the essence of the contract upon which this action is founded.</p> <p>A corporation created for the purpose of dealing in lauds, and to which the powers to purchase, to subdivide, to sell, and to make any contract essential to the transaction of its business are expressly granted, possesses, as fairly incidental, the power to incur liability in respect of ■ securing better facilities for transit to and from the lots or lands which it is its business to acquire and dispose of.</p> <p>It being within the power of such a corporation to enter into such a contract, the provisions of the constitution of Texas, touching the issue of bonds by corporations formed under its laws, will’ not prevent its becoming liable to perform il« agreements therein, after receiving benefits under it at the expense of the oilier contracting party.</p>