Case ID: ohio-ch_1/html/0581-01.html
Source: Caselaw Access Project
Author: {"author": "By the Court.", "license": "Public Domain", "url": "https://static.case.law/"}
Date Created: 2024-08-24T03:29:51.129683

ARMSTRONG v. MORETON.
    Covenant to pay instalments — construction.
    A covenant to pay $5,000, viz: $1,000 in ten days from date, and the balance of $4,000 in four annual payments with interest from date, is in legal effect, a covenant to pay in $1,000 yearly instalments.
    Covenant on a contract to pay $¡5,000 4 in payments as follows, viz: $¡1,000 in ten days from date, and the balance of $¡4,000, in four annual payments with interest from this date.’ There is a default.
    
      N. Wright, for the plaintiff.
    
      Fox and Hammond, contra.
    The $>1,000 to be paid in ten days, has been paid. Under this contract, no suit can be brought for the $¡4,000, until all is due, as the contract does not determine the amount of the annual payments. The four years have not expired.
   By the Court.

The real question is, whether after the expiration of'a year from the date of the contract, the first $1,000 being paid, any thing can be recovered on this contract? We understand the legal effect of the contract to be, to pay in four equal annual instalments, and the plaintiff can therefore "recover the $¡1,000 with interest. Judgment accordingly.