The First District recently considered whether a contract that could only be ended on both parties’ written consent was too indefinite and “perpetual” to be enforceable. In Rico Industries v. TLC Group, Inc., 2014 IL App (1st) 131522, the parties entered into a sales contract where plaintiff would sell products to Wal-Mart through defendant – the retailing monolith’s …
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Insurance Co’s Substantial Compliance With Termination Notice Defeats $20M Suit
Life Plans v. Security Life of Denver Insurance Company, 2013 WL 4052678 (N.D.Ill.2013), presents high-dollar contract dispute involving two insurance companies. The plaintiff insurance agent entered into a written agreement with the defendant, a multi-national insurance company. The plaintiff agreed to market defendant’s life insurance products on a nation-wide basis. The contract term was “indefinite” and terminable …
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