Thorne v. Prentiss

Citations

• 83 Ill. 99

Syllabus

<p>1. Contract—when construed 5y rules of the hoard of trade. All contracts for sale made on ’Change by members of the board of trade to another member, with reference to the by-laws and rules of the board, must be construed as if those rules were expressly made a part of the contract; but members of that board may, by contract on ’Change or elsewhere, bind themselves beyond and independent of these rules. Where the sale is made at its rooms, in the absence of proof to the contrary, it will be presumed to have been made with reference to these rules.</p> <p>3. Fraud and deceit—when action lies for. Notwithstanding the rules of the board of trade of the city of Chicago, in respect to sales, if the seller makes a distinct assertion of the quality or condition of the article sold, whether it amounts to a warranty or not, which he knows or should know is untrue, with the view of inducing another to buy, and that other relies upon that assertion, and believes it to be true, and, by reason thereof, does buy, and damage ensues to him, he may maintain an action for deceit, notwithstanding he may also have procured an inspection of the article purchased.</p>