From our private database of 14,000+ case briefs...
Budget Marketing, Inc. v. Centronics Corporation
United States Court of Appeals for the Eighth Circuit
927 F.2d 421 (1991)
Budget Marketing, Inc. (BMI) (plaintiff) and Centronics Corporation (Centronics) (defendant) executed a letter of intent, which outlined the terms of a proposed acquisition. Centronics was to acquire BMI, provided BMI maintained sufficient cash flow and purchased key man insurance. The letter of intent included a target date on which a formal agreement would be executed. The letter also stated that, except for certain confidentiality provisions, the letter was not a binding agreement. Later, the parties agreed to amend the letter in order to change the projected formal agreement date. During the interim, BMI took steps to comply with the letter’s requirements. BMI purchased additional stores and obtained key man insurance. Charles Eagle (Eagle) (plaintiff), BMI’s CEO, invested personal assets in order to comply with the requirements. Centronics repeatedly confirmed its intent to go through with the acquisition. However, Centronics later decided to pursue other opportunities and not acquire BMI. BMI and Eagle sued Centronics for, among other causes of action, promissory estoppel. Centronics moved for summary judgment, and the trial court granted the motion. BMI and Eagle appealed.
Rule of Law
Holding and Reasoning (Gibson, J.)
What to do next…
Unlock this case brief with a free (no-commitment) trial membership of Quimbee.
You’ll be in good company: Quimbee is one of the most widely used and trusted sites for law students, serving more than 97,000 law students since 2011. Some law schools—such as Yale, Vanderbilt, Berkeley, and the University of Illinois—even subscribe directly to Quimbee for all their law students. Read our student testimonials.
Learn more about Quimbee’s unique (and proven) approach to achieving great grades at law school.
Quimbee is a company hell-bent on one thing: helping you get an “A” in every course you take in law school, so you can graduate at the top of your class and get a high-paying law job. We’re not just a study aid for law students; we’re the study aid for law students. Read more about Quimbee.
Here's why 201,000 law students have relied on our case briefs:
- Written by law professors and practitioners, not other law students. 14,000 briefs, keyed to 188 casebooks. Top-notch customer support.
- The right amount of information, includes the facts, issues, rule of law, holding and reasoning, and any concurrences and dissents.
- Access in your classes, works on your mobile and tablet. Massive library of related video lessons and high quality multiple-choice questions.
- Easy to use, uniform format for every case brief. Written in plain English, not in legalese. Our briefs summarize and simplify; they don’t just repeat the court’s language.