Lampman v. Cochran
New York Supreme Court
THIS action was tried at the Greene circuit, in April 1853, before-Mr. Justice Wright. It appeared upon the trial, that, on the first day of December, 1851, the parties entered into an agreement, whereby the plaintiff was to sell to the defendant, and the defendant was to buy of the plaintiff, a farm.
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THIS action was tried at the Greene circuit, in April 1853, before-Mr. Justice Wright. It appeared upon the trial, that, on the first day of December, 1851, the parties entered into an agreement, whereby the plaintiff was to sell to the defendant, and the defendant was to buy of the plaintiff, a farm. The price to be paid was $3100, of which $500 was to be paid in cash on the 15th of the same month, two notes were to be given for $500 more, and the balance was to be secured by bond and mortgage on the premises. The plaintiff was to convey the premises at the same time. The parties then agreed…
1Opinion of the Court
By the Court,
Harris, J.
Whether a sum denominated liquidated damages by the parties to a contract shall be recoverable as damages, in case of a breach of the contract, or whether notwithstanding what the parties have said, it shall be treated as a penalty, is often a difficult question. The only criterion by which it can be determined is to ascertain, by referring to all the provisions of the contract, what was really intended by the parties. If they have in fact agreed upon the amount of damages which one shall pay to the other in case he shall fail to perform on his part, it is not the…
2Cases cited1 opinion
- Esmond v. Van BenschotenNew York Supreme Court · 1852
3Cited by3 opinions
- Moody v. McClellandSupreme Court of Alabama · 1863
- Brumby v. BarnardSupreme Court of Georgia · 1878
- Myers v. RalstonWashington Supreme Court · 1910