Mead v. Wheeler
Superior Court of New Hampshire
Assumpsit, on an agreement in writing, dated on the 4th day of September, 1841, and signed by the parties to the suit. The agreement stated that in consideration of five dollars, and for other considerations, the plaintiff had agreed with the defendant that he would convey to the latter, or to Samuel Wheeler, as the defendant should direct, by a good deed of warranty, between the first and the tenth days of March, then next, the farm in Chesterfield then occupied by the…
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Assumpsit, on an agreement in writing, dated on the 4th day of September, 1841, and signed by the parties to the suit. The agreement stated that in consideration of five dollars, and for other considerations, the plaintiff had agreed with the defendant that he would convey to the latter, or to Samuel Wheeler, as the defendant should direct, by a good deed of warranty, between the first and the tenth days of March, then next, the farm in Chesterfield then occupied by the plaintiff, and called “ the Britton farm.” And the defendant, in consideration of such contract to convey, agreed to pay to…
1Opinion of the CourtGilchrist, J.
It is settled that where there is an agreement to pay a large sum, if the party fail to pay a smaller sum, the agreement to pay the penalty cannot be enforced beyond the amount of the legal interest. Although in fact a creditor may suffer the most serious injury from the want of punctual payment of his debt, and the payment of the principal and interest may very inadequately compensate him for his disappointment, still the payment of more than the legal interest cannot be enforced under the denomination of a penalty, although if the agreement to pay a penalty be in accordance with the general…
2Cases cited2 opinions
- McIlvaine v. WilkinsSuperior Court of New Hampshire · 1841
- Chamberlain v. BagleySuperior Court of New Hampshire · 1840
3Cited by4 opinions
- United Cable Television of Baltimore Ltd. Partnership v. BurchCourt of Appeals of Maryland · 1999
- Shallow Brook Associates v. DubeSupreme Court of New Hampshire · 1991
- Brown v. MaulsbyIndiana Supreme Court · 1861
- United Cable Television of Baltimore Ltd. Partnership v. BurchCourt of Appeals of Maryland · 1999