Ravenstar, LLC v. One Ski Hill Place LLC
Colorado Supreme Court
401 P.3d 552 (2017)
- Written by Robert Cane, JD
Facts
Ravenstar, LLC (plaintiff) entered two agreements to purchase property from One Ski Hill Place LLC (One Ski Hill) (defendant). Ravenstar paid an earnest-money-and-construction deposit to One Ski Hill for each agreement. The purchase agreements each contained an identical damages provision. The damages provisions stated that One Ski Hill could either keep some or all of the deposit or elect to terminate the agreement and recover actual damages. Ravenstar defaulted on its obligations and breached the agreements. One Ski Hill elected to keep Ravenstar’s full deposits as liquidated damages. Ravenstar sued One Ski Hill for the return of its deposits. One Ski Hill moved for summary judgment, but the trial court declined to grant summary judgment because there was a dispute of material fact as to whether the liquidated damages were reasonable. However, Ravenstar then stipulated that the amount of liquidated damages was reasonable. Consequently, the trial court entered judgment in favor of One Ski Hill. Ravenstar appealed, arguing that the liquidated-damages provision was unenforceable because Ravenstar and One Ski Hill did not have the required intent to liquidate damages.
Rule of Law
Issue
Holding and Reasoning (Rice, C.J.)
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