In Southern Wine and Spirits of Illinois, Inc. v. Steiner, 2014 IL App (1st) 123435, the First District outlined and applied the rules governing the interpretation and enforcement of written guaranty agreements in Illinois. The plaintiff wine distributor purchased the assets of another distributor that had previously entered into a contract with a liquor store company; a contract personally guaranteed by the …
Category Archives: Corporate
Commercial Frustration and the Impossibility Defense: The Case of the Missing Bentley
Illinois agency rules, consumer fraud law and the commercial frustration doctrine are the focal points of Tahir v. DMI, 2014 WL 985351 (N.D. Ill. 2014), a case involving the purchase of an undelivered Bentley. The plaintiff sued multiple car dealer defendants for breach of contract and consumer fraud after he paid over $100,000 for a car he never received. The …
7th Circuit Affirms Fraudulent Transfer and Alter Ego Judgment Against Corporate Officers
The Seventh Circuit affirmed an almost $3M judgment against the defendants under fraudulent transfer, successor liability and alter ego rules in Center Point v. Halim, 2014 WL 697501. The plaintiff energy company entered into a written contract to supply natural gas to defendants’ 41 Chicago area rental properties. The individual defendants – a husband and wife – managed …