Paul Porvaznik – Business Litigator
Case Notes and Summaries of Recent Cases (State and Federal Courts – Illinois Focus)
Integration clauses – also called “merger” clauses – are staples of commercial contracts in diffuse business settings. The Northern District of Illinois recently found that an integration clause in a compensation agreement defeated a futures trader’s claims for unpaid commissions in Colagrossi v. UBS Securities, LLC, 2014 WL 2515131 (N.D.Ill. 2014). The plaintiff alleged that in 2005, he …
Continue reading “Integration Clause Bars Trader’s Commission Claims Against Financial Firm”
Yes. Oral contracts are enforceable. The main exceptions are contracts governed by the Statute of Frauds (SOF), which requires certain contracts to be in writing. See 740 ILCS 80/1, 2; 810 ILCS 5/2-201. The Illinois Credit Agreements Act (ICA) also requires certain agreements to lend money in a commercial setting be in writing. 815 ILCS 160/1 et seq. I still use …
Continue reading “Oral Contracts in Illinois – Are they Enforceable?”