Scott Mollen, Partner at Herrick, Feinstein LLP Realty Law Digest
Scott Mollen discusses "Rodriguez v. Richards," a breach of contract case where the seller was entitled to keep a $50,000 deposit even though the contract lacked a liquidated damage provision, and "450 Grand Avenue Realty LLC v. Technology Insurance Company," an insurance case where the court granted a motion to dismiss finding that a COVID-19 moratorium was only applicable to policyholders experiencing financial hardship due to the pandemic.
March 15, 2022 at 01:20 PM
14 minute read
Breach of Contract—Court Granted Seller's Motion for Summary Judgment and Dismissed a Counterclaim—Seller Entitled To Keep $50,000 Deposit Even Though the Contract Lacked a Liquidated Damage Provision
The plaintiff is the former owner of the subject property. In August 2020, the plaintiff contracted to sell the property to the defendant for $655,000. The defendant made an initial deposit of $10,000 and a subsequent deposit of $40,000. The balance of $615,000 was to be paid at the closing.
The contract provided, inter alia, that the plaintiff:
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