Indianapolis Rolling Mill v. St. Louis, Fort Scott & Wichita Railroad

Citations

• 120 U.S. 256
• 7 S. Ct. 542
• 30 L. Ed. 639
• 1887 U.S. LEXIS 1968

Syllabus

<p>The president of a manufacturing corporation who is also its superintendent, haviDg general authority to contract by parol .contract without the corporate seal for making and delivering its manufactured goods, has like authority, unless the power is withdrawn, to authorize the termination and release of such a contract.</p> <p>A board of directors of a corporation to whom the president of the company communicates his execution of a contract on the part of the corporation, which is within its corporate powers but unauthorized by the board, will be presumed to ratify his act unless it dissents within a reasonable time; and a delay in the disaffirmance of six months after knowledge -of the act is an unreasonable delay.</p>