Contracts Keyed to Crandall
Board of Education of Community School District No. 220 v. Village of Hoffman Estates
Facts
Defendant entered into a contract with two groups of developers where the defendant was to hold money paid to them by the investors in an escrow account. According to the contract the parties were required to use their best efforts to annex a school district 5 years after the contract became effective and subsequently the money in escrow would go to that school district. Before the 5 years was to expire, the defendants modified the contract and extended the period to annex the district. Under the contract, if the school district was not annexed after the 5 years, the money in escrow would go to the plaintiff.
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