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Myrick lots Nos. SJ provided that the price of P7, shall be payable in equal monthly installments of P Simultaneously, the vendee executed and delivered to the vendor a promissory note for the whole purchase price. In pursuance of said agreement, the vendee made several monthly payments amounting to P2, By reason of this default, Magdalena Estate, notified Myrick that, in view of his inability to comply with the terms of their contract, said agreement had been cancelled as of that date, thereby relieving him of any further obligation thereunder, and that all amounts paid by him had been forfeited in favor of the vendor, who assumes the absolute right over the lots in question. To this communication, the vendee did not reply, and it appears likewise that the vendor thereafter did not require him to make any further disbursements on account of the purchase price.
Myrick filed a case for the reimbursement of the installment payments. Magdalena Estate argued that contract SJ was still in full force and effect and that, therefore, the plaintiff should be condemned to pay the balance plus interest. The contract of sale, contract SJ, contains no provision authorizing the vendor, in the event of failure of the vendee to continue in the payment of the stipulated monthly installments, to retain the amounts paid to him on account of the purchase price. The claim, therefore, of the petitioner that it has the right to forfeit said sums in its favor is untenable. Under Article of the Civil Code, however, he may choose between demanding the fullfillment of the contract or its resolution.
These remedies are alternative and not cumulative, and the petitioner in this case, having elected to cancel the contract, cannot avail himself of the other remedy of exacting performance. As a consequence of the resolution, the parties should be restored, as far as practicable, to their original situation which can be. Открыть меню навигации. Закрыть список предложений Поиск Поиск. Пользовательские настройки. Magdalena Estate V Myrick. Загружено: Marie Cecile. Улучшено с помощью ИИ. Magdalena Estate sold land to Louis Myrick through a contract that required payment in monthly installments.
Myrick fell behind on payments and Magdalena cancelled the contract, forfeiting the amounts Myrick had paid. However, Magdalena also tried to demand payment of the remaining balance. The court held that Magdalena could not both cancel the contract and still demand payment of the balance, as the remedies of demanding fulfillment or cancelling the contract are alternative, not cumulative. Since Magdalena chose to cancel the contract, it must return the installment payments Myrick made, with interest. Сохранить Сохранить «Magdalena Estate v Myrick» для последующего чтения.
Издание и описание с поддержкой ИИ. Сведения о документе нажмите, чтобы развернуть сведения о документе Magdalena Estate sold land to Louis Myrick through a contract that required payment in monthly installments. Исходное описание: law. Оригинальное название Magdalena Estate v Myrick. Поделиться этим документом Поделиться или встроить документ Параметры публикации Опубликовать в Facebook, откроется новое окно Facebook. Этот документ был вам полезен? Это неприемлемый материал? Скачать сейчас. Перейти к странице. Поиск в документе. Вам также может понравиться Case Digest: Magdalena Estate vs. Myrick, 71 Phil. March 14, Документ 2 страницы. Case Digest: Magdalena Estate vs. March 14, Bank of America vs. American Realty Документ 3 страницы.
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Myrick lots Nos. SJ provided that the price of P7, shall be payable in equal monthly installments of P Simultaneously, the vendee executed and delivered to the vendor a promissory note for the whole purchase price. In pursuance of said agreement, the vendee made several monthly payments amounting to P2, By reason of this default, Magdalena Estate, notified Myrick that, in view of his inability to comply with the terms of their contract, said agreement had been cancelled as of that date, thereby relieving him of any further obligation thereunder, and that all amounts paid by him had been forfeited in favor of the vendor, who assumes the absolute right over the lots in question. To this communication, the vendee did not reply, and it appears likewise that the vendor thereafter did not require him to make any further disbursements on account of the purchase price. Myrick filed a case for the reimbursement of the installment payments.
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