Nature of the Case
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Facts
P, a buyer, signed a contract with D, the seller such that the sales contract was contingent upon P using diligent efforts to obtain a loan for $155,000 payable in not less than 30 years at prevailing interest rates; and if such loan could not be obtained before 4-26-82, that P's $25,400 deposit was to be returned. P could not obtain the loan and demanded the return of his money. D refused in that P had not made a diligent effort. P sued D. The trial judge determined that P's efforts lacked diligence but that the liquidated damages clause allowing the seller to retain the entire deposit was punitive and that actual damages were $8,400. Both sides appealed.
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