Ingersoll v. Kendall ex rel. Gilmore

Citations

• 21 Miss. 611

Syllabus

<p>A contract for sale and purchase, is an agreement for the conveyance of property from one to another, in consideration of a payment made or intended to he made; where such a contract for a specific commodity in esse, and susceptible of an immediate delivery is made, the property is immediately changed, though no delivery has taken place.</p> <p>It is not the delivery or tender of the property, nor payment or tender of payment of the purchase-money, which constitutes the sale; that is complete so soon as the parties have agreed on the terms; that is, so soon as the vendee says, “ I will give the price demanded,” and the vendor says, I will take it,” the rights of both parties are instantly-fixed.</p> <p>Where the purchaser of three jennets executed his note for the purchase-money, but left the animals in the possession of the vendor until after the dishonor of the note, the latter had the right to hold on to them until the payment of the note; nor was he bound to deliver or offer to deliver them to the vendee before he would enforce payment by suit of the note.</p> <p>The 17th sect. ch. 3, 29 Charles 2, which makes the delivery of personal property essential to complete the contract for its sale, has never been enacted in this state, and is therefore not in force here; the rule of the common law which completed the sale as soon as the terms were agreed on, without respect to the delivery, prevails here.</p>