I’ve written here before on the Statute of Frauds (SOF) and how it requires certain contracts to be in writing to be enforceable. I’ve also championed “MYLEGS” as a useful mnemonic device for dissecting a SOF issue. M stands for ‘Marriage’ (contracts in consideration of marriage), Y for ‘Year’ (contracts that can’t be performed within the space …
Tag Archives: UCC
Three-Year Limitations Period Governs Bank Customer’s Suit for Misapplied Deposits – IL First Dist.
Now we can add PSI Resources, LLC v. MB Financial Bank (2016 IL App (1st) 152204) to the case canon of decisions that harmonize conflicting statutes of limitations and show how hard it is for a corporate account holder to successfully sue its bank. The plaintiff, an assignee of three related companies**, sued the companies’ …
“Mirror-Image” Contract Acceptance: 7th Circuit Finds Attorneys’ Fees Provision in Invoice Not Binding on Food Buyer
VLM Food Trading International, Inc. v. Illinois Trading Co., (http://cases.justia.com/federal/appellate-courts/ca7/14-2776/14-2776-2016-01-21.pdf?ts=1453404644) considers whether a seller can recover attorneys’ fees where the contract doesn’t provide for fees but the invoices sent after the goods are shipped do have fee-shifting language. The Seventh Circuit held that the invoice fee-shifting clause does not bind the buyer. The Contract Chronology: The plaintiff foods seller would submit a …