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A Dictionary of Law · Henry Campbell Black · 1891

A Dictionary of Law

In maritimes law. A eontract between the owner of goods and the master of a ship, by which the former intrusts the property te the latter to be sold by him on their joint account. In such case, two contracts take place: First, the contract called mandatum, by which the owner of the property gives the master to distween them. One party runs the risk of losing his capital; the other, his labor. If the sale produces no more than first cost, the owner takes all vhs proceeds. It is only the profits which are to be divided.

Emerig. Mar, Loans, § 5.