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Contracts Keyed to Fuller
Greer Properties, Inc. v. LaSalle National Bank
Citation:
874 F.2d 457 (1989)Facts
In 1987, Greer Properties entered into a contract to purchase commercial real estate from LaSalle National Bank (as trustee) and Old Orchard West Venture (collectively “Sellers”) for $1,250,000. The property was contaminated, and the contract required Sellers to clean it up at their expense. However, the contract included a provision allowing Sellers to terminate if cleanup costs became “economically impracticable” in their “best business judgment.” After signing the contract, Sellers received estimates that cleanup would cost between $190,000-$240,000, significantly higher than initial estimates of $60,000-$100,000. The day before formally terminating the contract with Greer, Sellers received an offer from another potential buyer (Searle) for $1,455,000. After termination, Sellers offered to sell to Greer if they increased their price by $250,000. Greer declined and sued for specific performance, claiming bad faith termination.
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