Nature of the Case
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Facts
Strouse (P) owned 239 acres of land. P was not particularly interested in selling his property but when a real estate agent said she had a buyer an authorization to show the property was signed. A real estate contract was eventually signed for $225,000 with $175,000 to be obtained in financing. A $10,000 escrow was established. Starbuck (D) did not obtain the financing and informed P. P sued claiming that D did not use reasonable diligence and good faith in obtaining the financing. D got the judgment and P appealed. The contract has a liquidated damages clause for 10% of the total sales price.
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