Magnet Resources, Inc. v. Summit MRI, Inc.
Superior Court of New Jersey, Appellate Division
723 A.2d 976 (1998)
Magnet Resources, Inc. (Magnet Resources) (plaintiff) provides preventive maintenance and emergency repair services on magnetic resonance imagers. Magnet Resources agreed to provide its services to Summit MRI, Inc. (Summit) (defendant) for $120,000.00 for the first year of the contract, and $150,000.00 for each year thereafter. Payments were to be paid in advance on a monthly basis. Summit’s monthly payments were frequently late and several of its checks were dishonored. On December 20, 1994, Summit requested that Magnet Resources provide services not covered under the contract. By that time Summit owed Magnet Resources $35,000.00. Magnet Resources initially refused, but performed the work after Summit promised to pay the outstanding balance by the end of that week. By December 27, 1994, Summit had not paid any of its outstanding bills. Magnet Resources refused Summit’s request for services that day, and declared its services suspended until payments were made or an agreement was reached regarding payment. Summit thereafter cancelled the contract. Magnet Resources brought suit for breach of contract and was awarded $492,320.00. Summit counterclaimed for breach of contract and was awarded $18,470.00. Both parties appealed.
Rule of Law
Holding and Reasoning (Brochin, J.)
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