Philip agrees to sell his 1972 Corvette to Phyllis for $25 000.Phyllis agrees to make a down payment of $12 500 immediately and to pay the remaining $12 500 within 30 days.After making the down payment,Phyllis encounters serious financial difficulties and is unable to come up with the balance of the contract price.She advises Philip that she will be unable to close the deal and asks for her down payment back.Philip refuses,claiming that the monies previously paid are to be forfeited if she does not perform her remaining obligations under the contract.What are Phyllis's chances of success in a lawsuit to recover the $12 500?

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The Answer of Philip agrees to sell his 1972 Corvette to Phyllis for $25 000.Phyllis agrees to make a down payment of $12 500 immediately and to pay the remaining $12 500 within 30 days.After making the down payment,Phyllis encounters serious financial difficulties and is unable to come up with the balance of the contract price.She advises Philip that she will be unable to close the deal and asks for her down payment back.Philip refuses,claiming that the monies previously paid are to be forfeited if she does not perform her remaining obligations under the contract.What are Phyllis's chances of success in a lawsuit to recover the $12 500?

Philip Agrees to Sell His 1972 Corvette to Phyllis for $25