GIANNINI V. FIRST NATIONAL BANK OF DES PLAINES
483 N.E.2d 924 (1985)
NATURE OF THE CASE: This was an action for specific performance.
FACTS: Giannini (P) executed a purchase agreement to buy a condo. He paid $62,330 in
earnest money and the building in which his unit was to be located was subsequently
constructed but it was never formally declared a condo and the terms of the agreement were
never fulfilled. P then sued First National (D), the builders, and Unity, the mortgage
holder of the property (D1). P prayed for specific performance. Evidence was elicited that
the economy was so poor that the buildings had to be used as rental units as they were
unsaleable. The trial court ruled that D1 should be dismissed from the case as there was no
condo to convey and the conveyance of such would be economically disadvantageous to D1. P
appealed.
ISSUE:
RULE OF LAW:
HOLDING AND DECISION:
LEGAL ANALYSIS:
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