Graham v. Bickham

4 U.S. 149, 1 L. Ed. 778, 4 Dall. 149, 1796 U.S. LEXIS 413

Opinion

4 U.S. 149 (____) 4 Dall. 149

Graham
versus
Bickham.

Supreme Court of United States.

The case was argued by E. Tilghman and Ingersoll, for the plaintiff.

Lewis and Rawle, for the defendant.

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 non-performance. The judgment must, therefore, be rendered in his favour, for the full amount of the verdict.