Truman L. Flatt & Sons Co. v. Schupf
Illinois Appellate Court
649 N.E.2d 990 (1995)
Schupf, Neiswander, and American National Bank and Trust Company of Chicago (the owners) (defendants) agreed to sell Truman L. Flatt & Sons Co. (Truman) (plaintiff) a parcel of land. The parties entered into a real estate contract that was contingent upon Truman’s successful rezoning of the property. After a zoning meeting, Truman sent the owners a letter dated May 21, indicating that there was strong opposition to the rezoning request. However, Truman also stated in that letter that it was still interested in the property, though the property was now worth less to it than the price originally agreed upon. Truman requested a modification of the price term. The owners responded in a letter dated June 9, rejecting the requested modification of the price term. Truman sent a letter dated June 14, stating that it still intended to purchase the property for the original price. The owners responded by a letter dated July 8, stating that they considered the contract voided due to Truman’s requested modification of the price term. The owners refused to perform under the contract. Truman filed suit, seeking specific performance of the contract and other relief. The owners filed a motion for summary judgment, arguing that Truman had repudiated the contract. During discovery, the owners responded to interrogatories stating that they had not entered into discussions to sell the property to another party, nor had they entered into any agreement to do so. The trial judge granted the motion. Truman appeals to the Illinois Appellate Court.
Rule of Law
Holding and Reasoning (Knecht, J.)
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