Contract Deposit Due to Buyer’s Anticipatory Breach of Contract—Court Rejects Argument that “World Wide Economic Depression” Is “Act of God” Which Justifies Cancellation of Contract
The plaintiff (purchaser) had executed a contract for the sale of a cooperative apartment for $4 million and had paid a deposit of $400,000. Thereafter, the purchaser commenced an action seeking the return of the deposit. The defendant sellers had moved for summary judgment dismissing the complaint and for an order permitting them to retain the deposit, plus reasonable attorneys’ fees. The purchaser cross moved for summary judgment.
