Regent International v. Lear

OPINION

In this appeal, we deal for the second time with the breach of a contract for the sale of a large tract of realty. Our previous opinion, Regent International v. Lear, 97 Nev. 617, 637 P.2d 1207 (1981), sets forth the facts with particularity. Briefly, Regent International (Regent) agreed to pay $24,000,000 for some 1800 acres of land, and paid $250,000 both as a deposit and as liquidated damages in the event of breach. Regent breached the agreement, and the trial court awarded liquidated damages. However, NRS 148.300 required that the court order a resale when it vacated its…