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Revista chilena de derecho
versión On-line ISSN 0718-3437
CARVAJAL, Patricio-Ignacio. MAKING EARNEST PAYMENTS WITH A CHECK. Rev. chil. derecho [online]. 2008, vol.35, n.3, pp.525-531. ISSN 0718-3437. http://dx.doi.org/10.4067/S0718-34372008000300007.
This article criticizes the referenced decision on the grounds that it is perfectly permissible to make an earnest payment by check. It is not given as a guarantee but constitutes one, which is different. As an earnest payment requires delivery to be legally effective, one may logically conclude that this type of commercial paper is given as a payment, rendering the check absolutely valid for this purpose. In addition, the down payment is a separate matter from the application of the penalty clause. For that reason, it is impermissible to sanction an earnest payment via the legal provisions of the penalty clause.
Palabras clave : earnest payment; contract of sale and purchase; check; penalty clause; guarantee.