Edgerton v. Peckham
New York Court of Chancery
This was an appeal, by the defendant, from a decree of the vice chancellor of the fifth circuit, decreeing the specific performance of a contract. On the 3d of November, 1835, the defendant entered into a written contract with J. A. Strobeck,, to sell and convey to him the premises in question, upon payment of $ 100 at the date of the agreement, $ 100 and interest in one year, and $ 100 with interest in two years ; which sums Strobeck agreed to pay.
Read the full summary
This was an appeal, by the defendant, from a decree of the vice chancellor of the fifth circuit, decreeing the specific performance of a contract. On the 3d of November, 1835, the defendant entered into a written contract with J. A. Strobeck,, to sell and convey to him the premises in question, upon payment of $ 100 at the date of the agreement, $ 100 and interest in one year, and $ 100 with interest in two years ; which sums Strobeck agreed to pay. And by the agreement Strobeck was to take the immediate possession of the premises. The agreement then contained the following clause': “ In case…
1Opinion of the Court
The Chancellor.
As a general rule, time is not of the essence of a contract for the payment of money, upon an agreement for the sale and conveyance of real estate. And I can se^ nothing in the circumstances of this case to justify the court in excepting it from the general rule. The contract, it is true, contains a general provision, that if default shall be made in either of the payments Strobeck shall forfeit all the previous *364payments, and give up the possession of the premises. This, however, is but the legal effect of the contract without such a provision. For if no such provision had been…
2Cited by19 opinions
- Glock v. Howard & Wilson Colony Co.California Supreme Court · 1898
- Lytle v. Scottish American Mortgage Co.Supreme Court of Georgia · 1905
- Schmidt v. . ReedNew York Court of Appeals · 1892
- Barnard v. LeeMassachusetts Supreme Judicial Court · 1867
- Gates v. ParmlyWisconsin Supreme Court · 1896
14 more not listed; retrieve them via the Exa API.