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Property Law Keyed to Dukeminier
Jones v. Lee
Facts
The plaintiffs enter into a purchase and sale agreement for a price of $610,000 for their home. The buyers seek to terminate the contract, and the sellers are forced to sell at $540,000, a difference in contract price of $70,000 originally agreed to by the original buyers. The sellers sue for breach of contract. It is revealed by the courts that the buyers had approximately $577,000 in a checking account and earned income of more than $16,000 per month, plus bonuses and had the funds to complete the sale. The Buyers’ failure to complete the sale was “wanton, utterly reckless and in utter disregard of their contractual obligations, and was sufficient to warrant the imposition of punitive damages.”
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