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Hamilton Bancshares, Inc. v. Leroy
Appellate Court for the Fourth District of Illinois
476 N.E.2d 788 (1985)
Hamilton Bancshares, Inc. (Hamilton) (plaintiff) entered into two option contracts, one with the Leroys (defendants) and the other with the Gordens (defendants). The contracts gave Hamilton an 80-day option to purchase bank stock and recited the consideration as “one Dollar and other good and valuable consideration.” Hamilton did not pay the $1 consideration, but did pay $5,000 in earnest money under each contract, which was to be applied to the purchase price of the bank shares if the option was exercised or refunded if the option was not exercised. The defendants withdrew both options. Hamilton sued for specific performance of the options. The circuit court granted the defendants’ motions for summary judgment, finding that there was no consideration for the options. The circuit court concluded that the earnest money that was paid did not benefit the defendants, because it was required to be refunded if the options were not exercised. Hamilton appealed.
Rule of Law
Holding and Reasoning (McCullough, J.)
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