New Hampshire Supreme Court
953 A.2d 1190 (2008)
David Goodwin and several family members (collectively Goodwin) (defendants) entered into an agreement to purchase real and personal property from Suzanne Orr and Nelson Bolstridge (collectively Plaintiffs) for over $1 million. After the parties executed the agreement, Goodwin provided Plaintiffs with a $10,000 deposit. Later, Goodwin provided Plaintiffs with an additional $15,000 deposit. The parties’ agreement contained a “Liquidated Damages” provision which obligated Goodwin to surrender any amount of the deposit if he was unable to perform under the terms of the contract. Goodwin notified Plaintiffs that he would not be able to purchase the property as agreed. Plaintiffs retained the $25,000 deposit paid by Goodwin. Subsequently, Plaintiffs filed suit against Goodwin to recover various damages. The trial court granted Goodwin’s motion for summary judgment. Plaintiffs appealed.
Rule of Law
Holding and Reasoning (Galway, J.)
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