From our private database of 14,000+ case briefs...
YPI 180 N. LaSalle Owner, LLC v. 180 n. LaSalle II, LLC
Appellate Court of Illinois
933 N.E.2d 860 (2010)
On August 12, 2008, Younan Properties, Inc. (Younan) agreed to purchase commercial property from 180 N. LaSalle II, LLC (La Salle) (defendant) for $124 million. Younan assigned all its rights in the contract to YPI 180 N. LaSalle Owner, LLC (YPI) (plaintiff). Younan and YPI were jointly and severally liable under the contract of sale. Pursuant to the contract and its subsequent amendments, La Salle was paid $6 million in earnest money deposits prior to closing. The contract of sale stated that the earnest money deposits were non-refundable unless LaSalle failed to close. In October 2008, Younan was informed that one of its lenders would not provide funding as anticipated at the time the contract of sale was formed. Ultimately, YPI was unable to close. LaSalle terminated the contract and retained the earnest money deposits. YPI filed suit to rescind the contract and to recover the earnest money on grounds that the 2008 global credit crisis made it impossible for YPI to perform under the contract. It was established at trial that Younan had assets totaling over $1.6 billion. The trial court granted LaSalle’s motion to dismiss. YPI appealed.
Rule of Law
Holding and Reasoning (Hall, J.)
What to do next…
Unlock this case brief with a free (no-commitment) trial membership of Quimbee.
You’ll be in good company: Quimbee is one of the most widely used and trusted sites for law students, serving more than 97,000 law students since 2011. Some law schools—such as Yale, Vanderbilt, Berkeley, and the University of Illinois—even subscribe directly to Quimbee for all their law students. Read our student testimonials.
Learn more about Quimbee’s unique (and proven) approach to achieving great grades at law school.
Quimbee is a company hell-bent on one thing: helping you get an “A” in every course you take in law school, so you can graduate at the top of your class and get a high-paying law job. We’re not just a study aid for law students; we’re the study aid for law students. Read more about Quimbee.
Here's why 201,000 law students have relied on our case briefs:
- Written by law professors and practitioners, not other law students. 14,000 briefs, keyed to 188 casebooks. Top-notch customer support.
- The right amount of information, includes the facts, issues, rule of law, holding and reasoning, and any concurrences and dissents.
- Access in your classes, works on your mobile and tablet. Massive library of related video lessons and high quality multiple-choice questions.
- Easy to use, uniform format for every case brief. Written in plain English, not in legalese. Our briefs summarize and simplify; they don’t just repeat the court’s language.