Land Development, Inc. v. Padgett

DIMOND, Justice.

The only question here is whether the law will enforce, strictly in accordance with its terms, a typical forfeiture clause in a real estate sales contract.

In purchasing some real property the buyers 1 made a down payment and were given possession. They agreed to pay the seller 2 certain monthly installments of principal and interest until the balance of the purchase price was paid. In the meantime, the seller withheld the deed of conveyance. If the buyers defaulted as to any payments due, they were to lose everything: all payments made would be retained by seller “as…