contract forfeiture of earnest money


Earnest money, forfeiture or recovery of Covenant for forfeiture of earnest money or deposit actually made or amount recoverable on failure to perform con¬tract Covered by expression "if the contract contains any other stipulation by way of penalty" Despite express stipulation in contract, Court, on equitable principles, can relieve defaulting buyer from forfeiture of earnest money if circumstances of case justify such a course Difference in English law between liquidated damages and penalty.

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