- (1.) While it is true that if a person has so signed a contract as to make himself formally a contracting party, he must be held, for the purposes of Section 34 of the Arbitration Act, to be a party to any arbitration agreement that may be contained in the contract, the proposition applies only when the contract so signed is the principal contract itself, of which the arbitration agreement forms a part, and not any subsidiary contract.
(2.) A broker signing a Bought or Sold Note does not ipso facto become a signatory to the contract of purchase and sale so as to become a party to an arbitration agreement contained in the contract. He becomes such a party only when he signs the Note in a form which makes his signature a signature to the main contract as of a party thereto, either as a principal or an agent. Whether he hag so signed the Note depends on its terms.
(3.) A Bought Note signed by a broker as such and sent to a buyer, and expressed as "we have this day bought by your order and on your account from our principals," (i) does not constitute a concluded contract of purchase and gale between the buyer and the broker nor an intimation of any such contract; (ii) nor does it constitute a contract entered into by the broker as an agent of the seller; (iii) the only contract evidenced by such a Note is a contract of employment between the buyer and the broker; (iv) such a note constitutes only an intimation by the broker to the buyer that, as instructed by him, he, the broker, had found a seller and arranged a contract with him on the buyer's account for sale to and purchase by the buyer of the goods specified; (v) accordingly, the broker himself is not, in such a case, a party to any arbitration agreement which the contract arranged for him may contain.;