Nature of the Case
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Facts
Sebastian (D) purchased a house and lot from Floyd (P) for $3,800 down and financed the balance of $10,900 purchase price, plus taxes, insurance, and interest @ 8.5% in monthly installments of $120 per month. A forfeiture clause was to take effect if D remained in default for over 60 days and as such, P could retain all payments previously made as rent and liquidated damages. D missed seven installments over the next 21 months. D paid P $5,480 instead of the $6,300 under the contract and $4,300 of the principal had been paid down. P sued for $700 for payment of taxes and insurance and for enforcement of the forfeiture clause.
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