A  bill  of  lading  is  the  document  signed  by  the  master  of
a  ship  upon  the  shipment  of  goods  for  carriage,  acknow-
ledging the  receipt  of  the  goods  on  board,  and  undertaking
to  deliver  them  to  the  consignee  "  or  to  his  order  or  assigns,"
upon  payment  of  the  freight  and  satisfaction  of  the  condi-
tions stipulated.  By  the  common  law,  founded  upon  the
custom  of  merchants,  the  biU  of  lading  represents  the  goods ;
and  the  indorsement  and  delivery  of  the  bill  of  lading  by  the
shipper  or  owner  of  the  goods  presumptively  transfers  the
property  to  the  indorsee  (r/).  But  the  contracts  contained  in
the  bill  of  lading  for  the  carriage  and  delivery  of  the  goods


U)   See  ante,  p.  1021.
(d)  Lickbarrow  v.  Mason,  2  T.  E,.  63 ;
6  East,  21 ;  1  Smith's  L.  C,  9th  ed.
737;  &eopercur.Fox'7,Nott,Q'a.&,'^.
630  ;  30  L.  J.  Ex.  259  ;  Dracachi  v.
Angh-'Egxjpt.  Co.,  L.  R.  3  C.  P.  190;
37  L.  J.  C.  P.  71  ;  Henderson  v.
Coinptoir  d'Fscompie,  L.  E..  5  P  C.
253.
ASSIGNABLE  CONTRACTS.  1025

and  for  the  payment  of  freight,  by  the  general  rule  of  Chap.  ii.
