Mostardi Platt Environmental, Inc. v. Power Holdings, LLC, 2014 IL App (2d) 130737-U shows the importance of clarity in contract drafting – particularly compensation terms. The case also illustrates the crucial distinction between a time-and-expense (or time and materials) contract and a lump-sum payment contract. Plaintiff was hired to perform environmental assessment services and to secure government permits for …
Tag Archives: impossibility of performance
Contractual Impossibility? Global Economic Crash Doesn’t Excuse Performance Of Real Estate Deal – Illinois Court
In YPI 180 N. LaSalle, LLC v. 180 N. LaSalle II, LLC, 403 Ill.App.3d 1 (1st Dist. 2010), the court examined whether the 2008 global credit crisis was significant and unforeseen enough to merit application of the impossibility of performance doctrine in connection with a real estate contract for the sale of a Chicago office building. Facts The …