FRANKLIN POINT, INC. V. HARRIS TRUST & SAVINGS BANK
660 N.E.2d 204 (1995)
NATURE OF THE CASE: Franklin (P) appealed a judgment in his breach of contract action
against Harris (D) which dismissed P's claim for specific performance and denied P's request
for leave to amend its complaint.
FACTS: P and D entered into a written contract pursuant to which D agreed to build and
occupy an office building at an eight-acre, multi-use commercial real estate development
located near Chicago's downtown, called Franklin Point. D agreed to purchase a certain
parcel of land in the development for approximately $11,500,000. D agreed that by July 30,
1993, it would commence construction on that land of a high-rise office building containing
not more than 1,200,000 square feet and not less than 800,000 square feet. The contract
stressed the importance of D's building as an anchor of the Franklin Point development. D
paid P approximately $11,500,000 for the sale of the property, but failed to begin
construction of the high-rise office building by July 30, 1993. P brought suit against
Harris Bank for specific performance and damages. The trial court dismissed P's claim for
specific performance on the basis that 'Illinois law is well-settled that specific
performance of construction projects is forbidden as a matter of law.' The trial court also
denied with prejudice P's request for leave to file an amended complaint.
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