Axford v. Thomas

Citations

• 160 Pa. 8
• 28 A. 443
• 1894 Pa. LEXIS 752

Syllabus

<p>Sale — Installments of purchase money — Contract—Forfeiture.</p> <p>Three persons entered into a joint agreement to purchase a quarry. One of them was to advance the purchase money, the other two to repay him by monthly installments, in the meantime having the use of the land for quarrying. The agreement further provided: “In case the party of the second part, by neglect or refusal to pay the aforesaid monthly installments, becomes more than three months in arrears, then this agreement to become null and void, and the party of the second part to forfeit to the party of the first part all the amounts paid by them and relinquish all claims against the party of the first part.” Held, that time was of the essence of the contract, and that a failure to pay any one of the monthly installments worked a forfeiture not only of the agreement but of the previous payment.</p>