30 The law of agency.

employs him ; but he becomes agent also for the other

party as soon as the contract is made. When the contract

is made the broker reduces it to writing by entering it in

his book and signing it ; and he then sends copies of the

entry in his book to each of the parties, which copies are

respectively called the "bought note," (the buyer's copy),

and the " sold note," (the seller's copy).

It seems now clearly settled that the signed entry in

the broker's book constitutes the original contract between

the parties, and is a sufficient memorandum to satisfy the

Statute of Frauds ; the bought and sold notes being con-

sidered as merely copies of this original contract — vide

Grant v. Fletcher (1826), 5 B. & C. 436, Thornton v. Charles

(1842), 9 M. & W. 802, Sieveiuright v. Archibald (1851),

17 Q. B. 115, and Thompson v. Gardiner (1876), 1 C. P. D.

777.

It seems probable that when there is no entry, or only

an unsigned one, in the broker's book, that the bought and

sold notes can constitute a binding contract between the

parties, and are a sufficient memorandum to satisfy the

Statute of Frauds, provided that they correspond and state

all the terms of the contract — vide Goom v. Aflalo (1826),

B. & C. 117, and Sieveiuright v. Archibald, ubi supra.

It also seems probable that either the bought or sold

note alone, will satisfy the Statute, provided that no

variance be proved between it and the other note, or

between it and the signed entry in the broker's book : but

when one note only is offered in evidence, the otlier party

can put in the other, or the signed entry in the book, to

prove a variance — vide Ilaimsi v. Forster (1834), 1 Mood. &

Rob. 308, and Farton v. Crofts (1864), 16 C. B. N.S. 11.

It is clearly settled that when the bought and sold notes

vary, and there is no signed entry in the broker's book, or

AUTHORITY OF AGENTS. 31

any other writing showing the terms of the contract, that

there is no valid contract between the parties — vide Grant v.

Fletcher, uhi supra, and Sievewright v. Archibald, ubi supra.

According to Benjamin on Sales, there are four varieties

of notes used in practice by brokers : —

1. Where the broker on the face of the notes professes

to act as agent for parties whose names are disclosed. The

bought note then begins, " Bought for B of A," and after

setting out the terms of the contract, is signed, " C. broker."

The sold note begins " Sold for A to B," and after setting

out the terms of the contract, is signed, " C. broker."

2. Where the broker on the face of the notes professes

to act as an agent, but does not disclose in the bought note

the name of the seller, nor in the sold note the name of

the buyer. The bought note would then begin, " Bought

for B," and after setting out the terms of the contract, would

be signed, " C. broker." The sold note would begin, " Sold

for A," and after setting out the terms of the contract, would

be signed, " C. broker."