The defendant vendor brought a motion for summary judgment to dismiss the plaintiff purchaser's action for the return of a $50,000 deposit.
The plaintiff had failed to close a commercial real estate transaction due to an inability to secure financing.
The court granted summary judgment, finding that the contract clearly characterized the funds as a deposit, which at common law is forfeited upon the purchaser's breach.
The court also held that the plaintiff could not establish an entitlement to relief from forfeiture, as the deposit was proportional to the expected losses and its retention was not unconscionable.
