Stone v. Daggett

Citations

• 73 Ill. 367

Syllabus

<p>1. Principal and agent. If an agent receives money of his principal with which to buy flax seed for the latter, and procures a settlement and a further payment on his representation that he has in store a given number of bushels, which is not true, and he afterwards sells a part of the seed, the principal may recover of him’ for the amount of the deficit and the amount so sold.</p> <p>2. Contract—whether superseded by new one. Where money is furnished to buy flax seed under a contract with a firm, and the seed purchased is held in a warehouse by the firm, and after the dissolution of the firm one of the members sends a warehouse receipt to the owner by mail, and it is retained by him, this will tend to establish the fact, that the owner assented to a new contract; but in such case parol evidence is admissible to show he did not agree to accept the receipt as a new contract, and thus release the firm.</p>