Arky v. Floyd

Citations

• 104 Miss. 364
• 61 So. 545

Syllabus

<p>Election oe Remedies. Breach of contract. Action for actual damages. Waiver of liquidated damages.</p> <p>Where in order to guarantee the carrying out of a contract, a sum of money is deposited by both parties to the contract as a penalty or liquidated damages and one of the parties to the contract sues the other for actual damages for a breach thereof, this is a waiver of his right to afterwards sue for the penalty, it not being the intention of the parties to the contract, that in the event of its breach the one in default should forfeit his' depósit, and in addition thereto be liable to the other for actual damages.</p>