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Contracts Keyed to Epstein
Olson v. Etheridge
Citation:177 Ill.2d 396, 226 Ill.Dec. 780, 686 N.E.2d 563 (1997)
Plaintiffs (third party beneficiaries) sold their John Deere dealership to Etheridge (the promisee) pursuant to Agreement I with annual payments to be made by Etheridge to plaintiffs pursuant to Note I. Subsequently, in 1983, Etheridge sold one-half of the business to Engelhaupt (the promisor) pursuant to Agreement II with annual payments to be made pursuant to Note II. Agreement II and Note II provided that Engelhaupt’s payments were to be made to plaintiffs to reduce Etheridge’s obligation to plaintiffs under Note I. In 1986, Etheridge and Engelhaupt and Princeton Bank entered into Agreement III which provided for Engelhaupt to pay the remaining balance of Note II to Princeton Bank to satisfy one of Etheridge’s other debts. Engelhaupt made such a payment, but Etheridge defaulted on its obligations under Agreement I and Note I. Plaintiffs sued both parties for the unpaid balance of Note I.
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