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Home / Opinion Digests / Real Estate – Restaurant Sales Contract – Nonrefundable Deposit – Penalty (access required)

Real Estate – Restaurant Sales Contract – Nonrefundable Deposit – Penalty (access required)

A circuit court erred in ordering a refund on a deposit that a real estate sales contract provided was nonrefundable, on the ground that the provision was an impermissible penalty or forfeiture. On Sept. 3, 2003, the owner of a Denny's Restaurant in Hopewell agreed to sell the restaurant to the buyer for $1.5 million with ...