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Property Keyed to Saxer
Orr v. Goodwin
Facts
David Goodwin and several family members (Defendants) entered into an agreement to purchase real and personal property from Suzanne Orr and Nelson Bolstridge (Plaintiffs) for over $1 million. After the parties executed the agreement, Defendants provided Plaintiffs with a $10,000 deposit. Later, Defendants provided Plaintiffs with an additional $15,000 deposit. The parties’ agreement contained a “Liquidated Damages” provision, which obligated Defendants to surrender any amount of the deposit if he was unable to perform under the terms of the contract. Defendants notified Plaintiffs that he would not be able to purchase the property as agreed. Plaintiffs retained the $25,000 deposit paid by Defendants. Subsequently, Plaintiffs sued Defendants to recover damages. The trial court granted Defendants’ motion for summary judgment. Plaintiffs appealed.
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