Graham v. Bickham

4 U.S. 128

Opinion

By the Court.

— The substance of the agreement between the parties was, to buy and sell stock. The penalty was merely superadded as a security for performance ; and not as a sum to be paid and received absolutely, in lieu of performance. The plaintiff is entitled (notwithstanding the penalty) to recover damages, commensurate with the injury suffered by a nonperformance. The judgment must, therefore, be rendered in his favor, for the full amount of the verdict.