Effect of default as to that promise which should be first performed, in contract consisting of reciprocal promises.

54. Effect of default as to that promise which should be first performed, in contract consisting of reciprocal promises.

When a contract consists of reciprocal promises, such that one of them cannot be performed, or that its performance cannot be claimed till the other has been performed, and the promisor of the promise last mentioned fails to perform it, such promisor cannot claim the performance of the reciprocal promise, and must make compensation to the other party to the contract for any loss which such other party may sustain by the non-performance of the contract.

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