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Rose v. Mitsubishi International Corp.
United States District Court for the Eastern District of Pennsylvania
423 F. Supp. 1162 (1976)
Mitsubishi International Corporation (MIC) and Federal Steel Corporation (Federal) (defendants) executed a letter of intent to Jack Rose (plaintiff), which Rose approved. Under the letter of intent, MIC and Federal agreed to provide financing to Rose for a joint venture involving the purchase of a deep-water port facility. MIC and Federal’s duty to provide financing was conditioned on the issuance of a title insurance policy, indicating clear and marketable title to the real estate. Prior to the deadline for performance, MIC notified Rose that it would not perform under the letter of intent because Rose was unable to provide a title policy indicating clear and marketable title. Rose sued MIC, an officer of Federal, and Federal’s parent corporation (defendants). MIC moved for summary judgment.
Rule of Law
Holding and Reasoning (Cahn, J.)
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