Quimbee logo
DMCA.com Protection Status

Bacolitas v. 86th & 3rd Owner, LLC

702 F.3d 673 (2012)

Case BriefRelatedOptions
From our private database of 33,600+ case briefs...

Bacolitas v. 86th & 3rd Owner, LLC

United States Court of Appeals for the Second Circuit

702 F.3d 673 (2012)

Facts

Vasilis Bacolitas and Sofia Nikolaidou (collectively, Bacolitas) (plaintiffs) entered into a condominium-purchase agreement with 86th and 3rd Owner, LLC (the owner) (defendant). The agreement provided that Bacolitas was to pay two installments of $340,000 as a deposit. The agreement was later amended to provide that the second $340,000 installment was to be divided into two sub-installments of $170,000. The deposit amount was 20 percent of the purchase price. The agreement had a liquidated-damages clause, which provided that, pursuant to the Interstate Land Sales Full Disclosure Act (ILSA), the owner could sue for 15 percent of the total price of the condominium, or for actual damages, if Bacolitas defaulted. The agreement was not legally acknowledged. Under New York law, sale of real properties had to be acknowledged to be recorded. After Bacolitas provided approximately $510,000 for the deposit, which amounted to about 15 percent of the purchase price, he sought to rescind the agreement. Bacolitas filed an action in federal district court against the owner for the revocation of the agreement on the ground the agreement violated ILSA. Bacolitas argued that the agreement violated ILSA because the purchase agreement had not been recorded and did not contain a liquidated-damages notice as required by ILSA. The district court returned a verdict in Bacolitas’s favor on the ground that the agreement was not recordable because it had not been acknowledged and, therefore, the description of the condominium within the agreement did not meet the requirements of ILSA. The owner appealed. The United States Court of Appeals for the Second Circuit reviewed the case.

Rule of Law

Issue

Holding and Reasoning (Hall, J.)

What to do next…

  1. Unlock this case brief with a free (no-commitment) trial membership of Quimbee.

    You’ll be in good company: Quimbee is one of the most widely used and trusted sites for law students, serving more than 603,000 law students since 2011. Some law schools—such as Yale, Berkeley, and Northwestern—even subscribe directly to Quimbee for all their law students.

    Unlock this case briefRead our student testimonials
  2. Learn more about Quimbee’s unique (and proven) approach to achieving great grades at law school.

    Quimbee is a company hell-bent on one thing: helping you get an “A” in every course you take in law school, so you can graduate at the top of your class and get a high-paying law job. We’re not just a study aid for law students; we’re the study aid for law students.

    Learn about our approachRead more about Quimbee

Here's why 603,000 law students have relied on our case briefs:

  • Written by law professors and practitioners, not other law students. 33,600 briefs, keyed to 984 casebooks. Top-notch customer support.
  • The right amount of information, includes the facts, issues, rule of law, holding and reasoning, and any concurrences and dissents.
  • Access in your classes, works on your mobile and tablet. Massive library of related video lessons and high quality multiple-choice questions.
  • Easy to use, uniform format for every case brief. Written in plain English, not in legalese. Our briefs summarize and simplify; they don’t just repeat the court’s language.

Access this case brief for FREE

With a 7-day free trial membership
Here's why 603,000 law students have relied on our case briefs:
  • Reliable - written by law professors and practitioners, not other law students
  • The right length and amount of information - includes the facts, issue, rule of law, holding and reasoning, and any concurrences and dissents
  • Access in your class - works on your mobile and tablet
  • 33,600 briefs - keyed to 984 casebooks
  • Uniform format for every case brief
  • Written in plain English - not in legalese and not just repeating the court's language
  • Massive library of related video lessons - and practice questions
  • Top-notch customer support

Access this case brief for FREE

With a 7-day free trial membership