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Paul Porvaznik – Business Litigator

Case Notes and Summaries of Recent Cases (State and Federal Courts – Illinois Focus)

Tag Archives: illusory promise

LOI From Hell (?) – It’s Too Illusory For Car Dealership Manager to Enforce – IL 1st Dist.

A complicated Letter of Intent (LOI) involving parties to a planned car sales venture lies at the heart of Dicosola v. Ryan, 2015 IL App(1st) 150007, a case that addresses the level of consideration required to support a written contract in Illinois. The plaintiff alleged that under the LOI, the defendant was to invest $1M …

Continue reading “LOI From Hell (?) – It’s Too Illusory For Car Dealership Manager to Enforce – IL 1st Dist.”

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Posted byPaulPNovember 19, 2015April 1, 2018Posted inBusiness Torts, Contract LawTags: breach of contract, car dealership, failure of consideration, Illinois, illusory promise, letter of intent, LOI
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