Graham v. Bickham
Supreme Court of Pennsylvania
A verdict was agreed to be entered for the plaintiff, for 1798/. 12s. 2d. damages, on the 1st April last, for not performing a stock contract, subject to the opinion of the court, whether more than 1000/. damages were recoverable.
Read the full summary
A verdict was agreed to be entered for the plaintiff, for 1798/. 12s. 2d. damages, on the 1st April last, for not performing a stock contract, subject to the opinion of the court, whether more than 1000/. damages were recoverable. The words of the written contract were as follow: “ I acknowledge to have bought from William Graham, 17,334 dollars 76 cents of 6 per cent, stock of the United States, to be delivered to me on the 1st July next, on my paying to him on or before the transferring the same, 22,318 dollars and 49 cents specie. And for the faithful performance of the agreement, I bind…
1Opinion of the Court
By the court.
This action has been properly compared to a suit brought on a deed. If there had been a seal affixed to the instrument, the real damages sustained might have been recovered in an action of covenant, though they exceeded the penalty.
Here was a contract for the payment and delivery of stock on a certain day, at a stipulated price. It is probable, that neither of the parties had an idea, that the difference in the market price of stock, would have been so great at the time of transfer, as it proved to be in the event but they never could have intended that the penalty of 1000Í.…
2Cited by3 opinions
- Graham v. BickhamSupreme Court of the United States · 1796
- Hughes ad'r v. Wickliffe & NourseCourt of Appeals of Kentucky · 1850
- Lawrence v. United StatesU.S. Circuit Court for the District of Michigan · 1841