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Contracts Keyed to Fuller
Chimart Associates v. Paul
Citation:
66 N.Y.2d 570, 498 N.Y.S.2d 344, 489 N.E.2d 231 (N.Y. 1986)Facts
In 1980, David Paul, president of AmMart (a general partner in 666 Associates), sought new limited partners for a building improvement project in Chicago. Chimart Associates became one such partner, purchasing a 22% interest for $3,740,000. At closing on November 20, 1980, the parties executed several documents, including a letter agreement drafted by Chimart’s attorneys. This agreement stated that Paul would pay Chimart $1,320,000 minus any cash distributions Chimart received from the partnership through November 20, 1982. When no distributions occurred by the specified date, Paul refused to make the guaranteed payment, claiming he believed he only had to pay interest on unpaid amounts until the partnership made distributions. Paul admitted he had not read the agreement before signing it. The letter agreement was part of a multimillion-dollar transaction between sophisticated parties represented by counsel.
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