J. B. Lyon & Co. v. Culbertson, Blair & Co.

Citations

• 83 Ill. 33

Syllabus

<p>1. Usage of trade—as affecting contracts. Where there is a well known usage which obtains in trade, it will be presumed that all who engage in that business, where it prevails, contract with a view to it, unless they exclude the presumption by their contract. Hence, a usage may be proved to interpret the otherwise indeterminate intention of the parties, and to ascertain the nature and extent of their contracts.</p> <p>2. A commercial usage, to take the place of general law, must be so uniformly acquiesced in for such a length of time as to force the inference that it entered into the minds of the contracting parties ai.d formed a part of the contract.</p> <p>3. Contract —for future delivery. On a contract for the sale and del ivery of grain at a future day, where the delivery and payment are to be concurrent acts, neither party can put the other in default without performing on his part, or offering to perform.</p> <p>4. A contract for the sale of wheat in store, to be delivered at a future time, which requires the parties to put up margins as security, and provides that, if either party fails, on notice, to put up further margins according to the market price, the other may treat the contract as filled immediately, and recover the difference between the contract and market price, without offering to perform on his part, or showing an ability to perform, is illegal and void, as having a pernicious tendency.</p>