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Ravenstar, LLC v. One Ski Hill Place LLC | 401 P.3d 552 (2017)
Life is full of choices. Some scientists say we make hundreds or even thousands of them each day. An important question in contract law is how much choice the parties have in structuring their agreement. In Ravenstar versus One Ski Hill Place, the court addressed whether the parties could give themselves a choice between actual and liquidated damages for breach.
Five buyers entered contracts with a developer to buy condominium units that had yet to be built. Each buyer made a fifteen percent deposit. Each contract required the buyer to close the sale by a certain deadline. The buyers failed to obtain financing, missed their deadlines, and breached their contracts.
Each contract included a clause allowing the developer to choose one of two remedies for breach. The developer could either keep the deposits as liquidated damages or sue for actual damages and apply the deposits toward the total. The developer chose the liquidated-damages option and kept the deposits. The buyers sued the developer to get their deposits back.
After the parties stipulated to certain facts, the trial court entered summary judgment for the developer. An appellate court affirmed, and the Colorado Supreme Court granted cert.
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