Property Purchase Deposit Forfeiture upon Financing Failure

An individual who contracted to purchase property was obligated to secure financing by a specific date, and upon failing to do so, the seller retained the deposit, leading to a dispute over the validity of the contract's termination and the retention of funds. The court quashed the lower court's decision, reasoning that since the contract explicitly stipulated that the deposit would be automatically forfeited upon the buyer's failure to obtain the loan by the deadline, the seller was not required to prove actual prejudice or formally place the buyer in default before retaining the deposit, thereby confirming the legality of the deposit retention under the agreed-upon resolutory condition.