Tacit stipulations as to performance

The contracting party, who performs whatever he was bound to, may demand from the other side who has not performed its obligation, not only what he was bound to fulfill, or corresponding damages, but also the stipulated penalty, and, in the absence of such clause also the compensation for losses and damages. § 1 - If none of the parties have fulfilled the contract and only one party is ready to perform it, the latter may demand from the other, either the performance of the contract alone or only the agreed penalty or in the absence thereof, the due compensation but in no case both simultaneously. § 2 - The right to demand the penalty or the said damages arises from the simple delay in the performance of the contract.