Superior Court of New Jersey, Chancery Division
320 A.2d 194 (1974)
Centex Homes Corp. (Centex) (plaintiff) constructed six high-rise condominiums in the New York City suburbs of Cliffside Park and Fort Lee. As they were being constructed, Mr. and Mrs. Eugene Boag (defendants) entered into a contract to purchase one of the condominium units. The contract provided for liquidated damages for Centex in the event the Boags defaulted. This amount was to be set at the amount that had been paid up until the default. Prior to executing the contract, the Boags paid a $525 deposit. The Boags then signed a contract with Centex, and gave them an additional $6,870. Soon thereafter, Mr. Boag was informed that he would be relocating to Chicago. The Boags stopped payment on the check and informed Centex they would not be taking the apartment. Centex made an unsuccessful attempt to cash the check, and then brought this action for specific performance of the contract, or in the alternative, liquidated damages.
Rule of Law
Holding and Reasoning (Gelman, J.S.C.)
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