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Contracts Keyed to Whaley
Santorini Cab Corp. v. Banco Popular North America
Citation:Appellate Court of Illinois, 2013, 999 N.E.2d 46.
Santorini Cab Corp. (Plaintiff) contracted with Banco Popular North America (Defendant) to purchase two taxicab medallions, which are permits from the city of Chicago to operate cabs, for $48,000 each within 90 days. The contracts contained a term which stated that in the event defendant could not obtain approval from the Chicago department of consumer services to transfer the medallions to plaintiff, defendant’s sole liability would be to refund plaintiff’s deposit, and upon such refund, the deal between the parties would be dead. Ultimately, the Chicago department of consumer services did not give final approval to allow the medallion transfer. However, both parties continued trying to close the deal after the 90-day period expired.
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