Bought Note

A written memorandum of a sale, delivered by the broker who effects the sale, to the vendee. Story, Ag. § 28; 11 Adol. & E. 589; 8 Mees. & W. 834. Bought and sold notes are made out usually at the same time, the former being delivered to the vendee, the latter to the vendor.

A written memorandum of a sale, delivered, by the broker who effects the sale, to the vendee. Story, Ag. § 28; 11 Ad & E. 5S9; 8 M. & W. S34. Bought and sold notes are made out. usually at the same time, the former being delivered to the vendee, the latter to the vendor. When the broker has not exceeded his authority, both parties are bound thereby; 1 C. & P. 3SS; 5 B. & C. 486; 1 Bell. Com. (4th ed.) 347, 477. Where the same broker acts for both parties, the notes must correspond; 5 B. & C 436; 17 Q. B. 103; Suydam v. Clark, 2 Sandf. (N. Y.) 133. The broker, as to this part of the transaction, is agent for both parties; 2 II. & N. 210; Coddington v. Goddard, 16 Gray (Mnss.) 442. Whether a memorandum in the broker's books will cure a disagreement, see 17 Q. B. broker's book constitutes the real contract between the parties; 1 C. P. D. 777; 9 M. & W. 802; but it may be shown that the entry was in excess of the broker's authority; 4 L. R. Ir. 94; that the bought and sold notes do not constitute the contract, see 17 Q. B. 115. Where there is a variance between the bought and sold notes, and no entry of the transaction, there is no contract; 17 Q. B. 115. A bought note will take the case out of the Statute of Frauds, if there is no variance; 16 C. B. N. S. 11. See a full discussion in Benj. Sales § 276; Tiednian, Sales § 79.