Excerpt from Commercial Law Cases, Vol. 2 of 2
The divisions of the law contained in this volume, Negotiable Instruments, Partnership, and Corporations, comprise the subjects ordinarily taken up in the second year of legal study, after the student has become familiar with the principles embodied in the general law of contracts and agency, and, particularly, after he has attained to some conception of the method of legal reasoning. Perhaps the most difficult task confronting the instructor at the outset is the inculcation of the principles underlying the orderly advance of logical argument. The successful completion of the first year's work presupposes that these have been, to some degree at least, assimilated; and more time may now be devoted - as, indeed, the exigencies of these subjects require - to correspondingly broader range of illustration.
In a work of this size, designed for the purpose already set out, it is, of course, impracticable to do more than set forth the basic principles upon which the law of Negotiable Instruments, Partnership and Corporations, rests. Only those principles which the authors deem fundamental have been included, but it is believed that in so far as particular problems are opened up by the text, the law with reference thereto has been stated as fully as is compatible with the size of the book. The more obscure parts of each of these vast subjects are, however, left wholly untouched and the task of dealing therewith devolves upon the individual instructor. Especially is this true of Negotiable Instruments and of Corporations; in the former, because of the inherent difficulty of ascertaining from a code what the law is, and how sections, apparently conflicting with other sections, or repugnant to reason, are to be reconciled; in the latter, because of the intricate ramifications of corporation law, grounded in part, it may be, on the same generic uncertainty as to the precise lines of demarcation contemplated by the legislature, in part on the great and increasing number of corporations, each conducting its own affairs in accordance with individual aspirations, yet organized and existing under the same, or similar, organic law.
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