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CENTRAL STEEL DRUM CO. v. GOLD COOPERAGE, INC.

200 N.J. Super. 251 (1985)

491 A.2d 49

CENTRAL STEEL DRUM COMPANY, PLAINTIFF-APPELLANT, v. GOLD COOPERAGE, INC., DEFENDANTS-RESPONDENTS. and SHEA & GOULD, DEFENDANT.

Superior Court of New Jersey, Appellate Division.

Decided April 18, 1985.

Attorney(s) appearing for the Case

Stuart G. Brecher argued the cause for appellant (Brach, Eichler, Rosenberg, Silver, Bernstein, Hammer & Gladstone, attorneys; H. Neil Broder, of counsel; Stuart G. Brecher and Neil H. Broder on the brief).

Albert Burstein argued the cause for respondent (Rosen, Gelman & Weiss, attorneys; Jack F. Trope on the brief).

Before Judges MATTHEWS, FURMAN and HAVEY.

The opinion of the court was delivered by MATTHEWS, P.J.A.D.

Plaintiff appeals from a judgment which permits defendant Gold Cooperage, Inc. to retain $50,000 since plaintiff breached an agreement to purchase defendant's assets. The contract of sale included a liquidated damage clause which provided for the forfeiture of that sum in the event plaintiff failed to complete the purchase.

The following was stipulated...

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