Logan v. Musick & Brown

Citations

• 81 Ill. 415

Syllabus

<p>1. Contract—of sale of grain for future delivery not prohibited by statute. The statute does not prohibit a party from buying or selling grain for future delivery, nor does it make any difference as to the legality of the contract, whether the party selling for future delivery has the grain on hand at the time of such sale or not.</p> <p>2. Optional contract. A contract for the sale of grain for future delivery, w'hilst it may give the purchaser an option to select a day within a limited time on which he will receive the grain, does not constitute such an option to buy at a future time as is prohibited by the statute.</p>