Haslund v. Simon Property Group, Inc.
United States Court of Appeals for the Seventh Circuit
378 F.3d 653 (7th Cir. 2004)
In the late 1990s, Simon Property Group (SPG) (defendant) formed a subsidiary called clixnmortar.com. The president of the subsidiary approached Shannon Haslund (plaintiff) to be the vice president for operations. Haslund agreed to work for an annual salary of $175,000.00 plus 1% equity, with the structure of the equity to be determined at a future time. These terms were memorialized in a letter to Haslund from SPG. Haslund began working in 1999 but was never issued stock. Ten months after she began, Haslund was fired. The subsidiary ultimately did not earn a profit and was eventually dissolved. Haslund brought suit for breach of contract and was awarded $537,634.41 in damages. SPG appealed, arguing the provision of the contract relied on by Haslund was too indefinite to be enforceable.
Rule of Law
Holding and Reasoning (Posner, J.)
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