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Bachewicz v. American National Bank & Trust Co.

466 N.E.2d 1096 (1984)

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Bachewicz v. American National Bank & Trust Co.

Illinois Appellate Court

466 N.E.2d 1096 (1984)

Facts

Allan Bachewicz, Joseph Bachewicz, and Lawrence Conjar (plaintiffs) owned B & B Investment Company (B&B) (plaintiff). Statesman Limited Partnership (Statesman) and 5601 North Sheridan Associates (Associates) (defendants) owned an apartment building that was held in trust by the American National Bank & Trust Company (defendant). B&B offered to buy the building, and Statesman and Associates agreed to sell it to B&B. Statesman and Associates, however, breached the agreement before the closing date, refusing to follow through with the sale. Instead, Statesman bought out Associates and then sold the building to a third party. B&B sued the defendants for breach of contract, seeking money damages. The trial court awarded B&B the difference between the B&B contract price and the price at which Statesman later sold the property. Statesman appealed, arguing that the trial court should not have based the damages on the resale, which occurred a year after the B&B contract’s closing date.

Rule of Law

Issue

Holding and Reasoning (Linn, J.)

Dissent (Jiganti, J.)

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