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(collectively DonRob) agreed to sell, and 360 Residential LLC, 360 Sugar Hill LLC, and 360 Capital Company LLC, (collectively 360) agreed to purchase 12 acres (Site) of a 37-acre parcel of property in Sugar Hill, GA (the Agreement). Between the Agreement date and the scheduled closing date, the parties’ relationship deteriorated.
But two recent state-court decisions evidence a change in that trend: Both held that the Economic Loss Doctrine bars fraud claims because parties to a commercial contract — often sophisticated and represented by counsel — allocate risk, prescribe damages, and rely on the terms of the bargain.
The Court relied on the general rule of contract law that “Where a promisor ‘prevents or hinders’ fulfillment of a condition which otherwise would have been fulfilled, ‘performance of the condition is excused’ and the promisor’s liability is ‘fixed’ regardless of the condition’s non-fulfillment.”
This clause was in the parties’ agreement: TERMINATION FOR CONVENIENCE: The General Contractor may terminate the Contract for convenience upon three (3) days prior written notice. ” Summary judgment was entered for the painting subcontractor on liability, leaving for another day the issue of damages.
In the law of contracts, damages suffered by the nonbreaching party may be either “direct” (loss of the benefit of the bargain, measured by the cost of remedying the deficient performance) or “consequential” (other reasonably foreseeable harm caused by the breach). v Conor Medsystems Ireland, Ltd. , 3d 676 (2014).
Sabo & Zahn LLC is an Illinois Limited Liability Company. You are not our client and we are not your attorneys unless and until you enter into a written retainer agreement with us. These types of waivers are usually seen in contracts where there is a disparity in bargaining positions. Add me to your TypePad People list.
I would say the vast majority of my clients are very fearful of losing their jobs, even with a collective bargainingagreement in place. Whenever symptoms manifest an injured worker needs to see a doctor and file an injury report if the doctor believes the illness is work-related. Why are people reluctant to report workplace injuries?
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