A Treatise on the Law of Private Corporations (Classic Reprint)

Excerpt from A Treatise on the Law of Private Corporations

IT is generally recognized that, while legislatures may endeavor to direct, courts should follow the business habits of the people, and, without thwarting what custom has found convenient, render decisions in accordance with scientifically adjusted principles of justice. Even then the law must be somewhat behind the practice of the business community; for questions cannot be litigated until the transactions giving rise to them have been engaged in, and although business men seek to act with reference to the law, occasions for novel methods of business continually arise, and novel questions come before the courts. It is clear, moreover, that though a court bring the decision of the novel point within recognized legal principles, some extension or modification of the law has occurred. And thus courts continually change the law by en deavoring to keep it abreast of the people's life.

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