contract" is entitled by
law to make. Such a purchaser may, for example, require a forty years'
title (Vendor and Purchaser Act 1874). Under an open contract a vendor
is presumed to be selling the fee-simple in possession, free from any
incumbrance, or liability, or restriction as to user or otherwise; and
if he cannot deduce a title of the statutory length, or procure an
incumbrance or restriction to be removed, the purchaser may repudiate
the contract. The preparation of an agreement for sale involves
accordingly an examination of the vendor's title, and the exercise of
skill and judgment in deciding how the vendor may be protected against
trouble and expense without prejudice to the sale. Upon a sale by
auction the agreement is made up of (1) the particulars, which describe
the property; (2) the conditions of sale, which state the terms upon
which it is offered; and (3) the memorandum or formal contract at the
foot of the conditions, which incorporates by reference the particulars
and conditions, names or sufficiently refers to the vendor, and is
signed by the purchaser after the sale. The object of the agreement,
whether the sale is by private contract or by auction, is to define
accurately what is sold, to provide for the length of title and the
evidence in support of or in connexion with the title which is to be
required except so far as it is intended that the general law shall
regulate the rights of the parties, and to fix the times at which the
principal steps in the transaction are to be taken. It is also usual to
provide for the payment of interest at a prescribed rate upon the
purchase money if the completion shall be delayed beyond the day fixed
for any cause other than the vendor's wilful default, and also that the
vendor shall be at liberty to rescind the contract without paying costs
or compensation if the purchaser insists upon any requisition or
objection which the vendor is unable or, upon the ground of expense or
other reasonable ground, is unwilling to comply with or remove. Upon a
sale by auction it is the rule to require a deposit to be paid by way of
security to the vendor against default on the part of the purchaser.

Abstract of title.

Requisitions.

The signature of the agreement is followed by the delivery to the
purchaser or his solicitor of the abstract of title, which is an epitome
of the various instruments and events under and in consequence of which
the vendor derives his tit