Items related to Packard's complete course of business training...
Packard's complete course of business training and key; for teachers and private students - Softcover
Synopsis
This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1873 Excerpt: ... Bryant a balance of $500, which is due in two months. Mr. Bryant, who lives in Chicago, and who wants to put the amount in a shape to use for discount or other purposes, makes the following written request of us: S.-.oo. Chicago, Sept. 1, 1811. Two months from date, pay to H. C. Spencer or order, Five Hundred Dollars, value received, and charge to account of H. B. Bkyant. Smith, Jones & Co, New York. ) When this paper--technically called a draft--is presented to us, we accede to the request, or, in business language, accept the draft. This we do by writing across the face--usually, but not necessarily, in red ink--" Accepted," and signing our name. If the draft were drawn at so many days or months, from "sight," we should add the date of acceptance, as that would fix the point from which it would begin to mature. Now when this request goes out from us with our concurrence or acceptance, it is the same in effect and legal construction as our promissory note. If, for instance, instead of writing us from Chicago, Mr. Bryant had stepped into our office on tho 1st of September, and asked us to close his account by giving him our note for two months, favor of II. C. Spencer, and we had done so, this would have been the form: $300. New York, Sept. 1,1873. Two months from date, we promise to pay H. C. Spencer or order, Five Hundred Dollars, value received. Smith, Jones & Co. Now, if Mr. Spencer, who is supposed to be the holder of the note, as he was before of the draft, will get Mr. Bryant to write his name across the back of the note, he will have a legal document of exactly the same import as was the draft, each party thereto holding precisely the same legal relation. Thus, the parlies to the draft are H. B. Bryant, drawer; Smith, Jo...
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