Colonial at Lynnfield, Inc. v. Stephen Sloan, Appeal of Richard D. Zipes, Colonial at Lynnfield, Inc. v. Stephen Sloan

COFFIN, Circuit Judge.

This case arises out of a failed contract for the purchase of a 49% interest in the Colonial Hilton Inn in the towns of Lynn-field and Wakefield, Massachusetts. The seller, Colonial at Lynnfield, Inc. (Colonial), sued the prospective buyer, Colonial Associates (Associates), 1 for breach of contract and liquidated damages in the amount of $200,000. The district court found that the buyer was at fault, and held that Colonial was entitled to the liquidated damages. Associates claims that the contract containing the liquidated damages provision had expired by the time the…