I.M.A. v. Rocky Mountain Airways, Inc.
Colorado Supreme Court
713 P.2d 882 (1986)
- Written by Jennifer Flinn, JD
Facts
The presidents of I.M.A., Inc. (plaintiff) and Rocky Mountain Airways, Inc. (defendant) each signed a Letter of Intent and Agreement in which Rocky Mountain agreed to purchase the stock and acquire the assets of I.M.A. contingent upon certain requirements being met by I.M.A. Rocky Mountain subsequently refused to move forward with the acquisition. I.M.A filed a lawsuit against Rocky Mountain, alleging damages for breach of contract, deceit, and unjust enrichment. Rocky Mountain denied that a binding contract existed. At trial, the trial court directed a verdict in favor of Rocky Mountain on the deceit claim but submitted the contract and unjust-enrichment claims to the jury. The jury returned a verdict in favor of I.M.A., finding that a contract existed between the parties and awarding I.M.A. damages in the amount of $300,000. Rocky Mountain appealed, and the court of appeals reversed, ruling that no contract existed between the parties based on its review of the Letter of Intent and Agreement. I.M.A. then appealed.
Rule of Law
Issue
Holding and Reasoning (Lohr, J.)
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