ROSE V. MITSUBISHI INTERNATIONAL CORP.
423 F.Supp. 1162 (E.D.Pa. 1976)
NATURE OF THE CASE: This was a suit in money damages for a breach of contract and a
motion for summary judgment.
FACTS: In 1973 Rose (P) had an option to purchase a deep-water port located on the
Pennsylvania side of the Delaware River. On March 29, 1973, Mitsubishi (D), and Federal
Steel executed a letter of intent to P, which P approved the same day. The letter provided
for contribution by D of funds required for P to exercise his option. It also provided for
the formation of a new corporation by D and Federal which would participate with P in a
joint venture involving the facility. D and Federal were to provide financing subject to a
reputable title insurance company issuing title policies indicating clear and marketable
title and that the same can continue to be used in the future for purposes for which they
are presently in use. The letter provided that the obligations of the parties were to be
completed by May 15, 1973 but this was extended by mutual agreement until May 22nd. On May
21, D notified P that it would not proceed under the letter of intent. P then sued D and
others. Jurisdiction was based on diversity of citizenship. D then filed this motion for
summary judgment.
ISSUE:
RULE OF LAW:
HOLDING AND DECISION:
LEGAL ANALYSIS:
Get
free access to the entire content for Mac, PC or Online
for 2-3 days and free samples
of all kinds of products.
for 2-3 days and free samples of all kinds of products.
https://bsmsphd.com
© 2007-2016 Abn Study Partner
No comments:
Post a Comment