News & Analysis as of

Purchase Agreement Breach of Contract

Freiberger Haber LLP

In Pari Delicto … What Does That Mean?

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In Seitz v. Marcum LLP, 2024 N.Y. Slip Op. 51141(U) (Sup. Ct., N.Y. County Aug. 30, 2024) (here), Justice Robert R. Reed of the New York County Commercial Division addressed the doctrine of in pari delicto, which “bars a...more

DarrowEverett LLP

Survival Periods and Delaware’s Statute of Limitations in M&A

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Delaware is well known as a favored jurisdiction for mergers and acquisition deals, and for good reason — the jurisdiction’s business-friendly legal environment offers numerous efficiencies and predictability. Attorneys and...more

Freiberger Haber LLP

Courts Will Not Assist An Effort To Enforce An Illegal Contract

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By Jonathan H. Freiberger  The Courts of New York will not aid in the enforcement of a contract when the subject matter is illegal. Cases standing for this seemingly unremarkable proposition are varied. For example, in...more

Morris James LLP

Chancery Declines to Exercise Equitable Jurisdiction in a Contract Action to Compel the Release of Funds Held in Escrow

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In re Windmil Therapeutics Inc., C.A. No. 2023-1294-PAF (Del. Ch. Mar. 13, 2024) - This case dealt with the voluntary assignment for the benefit of creditors under 10 Del. C. § 7381, et seq....more

Rivkin Radler LLP

A Legal Update for the Title Insurance Industry

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Michael Heller’s, Matthew Spero’s and Lawrence Han’s Winter issue of the Title Reporter was published in the Real Estate Finance Journal. This article discusses the following court rulings and other title insurance-related...more

Pillsbury Winthrop Shaw Pittman LLP

Not So Fast: An Option to Purchase Real Estate May Not Always Be Rejected by the Debtor in Bankruptcy

A recent bankruptcy court decision determined that a debtor cannot reject an unexercised option for the purchase of its real estate, raising a potentially significant bar to any debtor extricating itself from an under-market...more

Davies Ward Phillips & Vineberg LLP

“Con Ed” Damages in Canadian Public M&A: Revisiting Cineplex v Cineworld in Light of Recent Delaware Case Law

What is a spurned seller’s recourse when a buyer walks away from a deal in breach of the purchase agreement? In private M&A, the answer is reasonably straightforward: sue the buyer to close the deal or to recover damages. In...more

Dickinson Wright

Mass Fraud, Arson Threats, Murder, Organized Crime, Kidnapping: What Are the Limits of ‘Buyer Beware’?

Dickinson Wright on

This column was originally published on RENX.ca. In an episode of The Simpsons in the late ’90s, Marge Simpson takes a job as a real estate agent to make some extra cash. She made her first sale by selling a big, reasonably...more

Blake, Cassels & Graydon LLP

Exécution en nature : un redressement pas si « extraordinaire » dans un contexte de différend immobilier

Introduction - Dans deux affaires récentes, la Cour supérieure de justice de l’Ontario (la « Cour ») a rendu des décisions qui s’éloignent de la position voulant que l’exécution en nature soit un redressement «...more

Blake, Cassels & Graydon LLP

Specific Performance: Not Too “Extraordinary” of a Remedy for Real Estate Disputes

Introduction - In two recent cases, the Ontario Superior Court of Justice (Court) endorsed a shift away from the view of specific performance as an “extraordinary” remedy in the context of commercial real estate disputes. In...more

Freiberger Haber LLP

Fraudulent Inducement, Merger Clauses and Duplication

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A couple of months ago, we examined NW Media Holdings Corp. v. IBT Media Inc., 2023 N.Y. Slip Op. 30875(U) (Sup. Ct., N.Y. County Mar. 22, 2023) (here), a case in which a lower court addressed the question whether the...more

Bradley Arant Boult Cummings LLP

Damages for Buyer’s Breach of Contract for the Sale of Real Property: Court Rejects Contractor’s Creative Damages Theory in...

Who said legal opinions have to be boring? Not Judge Terrence L. Michael of the U.S. Bankruptcy Court for the Northern District of Oklahoma, who last week issued a colorful opinion rejecting a home builder’s creative claim...more

Woodruff Sawyer

Understanding the Rising Tide of R&W Claims: A Mid-Year Review

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Now that we are halfway through 2023, it’s a good time for a representations and warranties (R&W) claims trend update. Overall, the rate of claims has been relatively consistent with previous years, while the number of claims...more

Rivkin Radler LLP

The Employment Law Reporter - Summer 2023

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Here is what we cover in this issue of The Employment Law Reporter: •A New York trial court has ruled that the purchaser of a medical practice could not enforce a noncompete provision contained in the purchase agreement...more

Maynard Nexsen

Pitfalls for NC Lenders, and “Time is of the Essence” Provisions and Substantial Performance Under Purchase and Sale Agreements

Maynard Nexsen on

On June 1, 2023, the North Carolina Court of Appeals published two opinions involving issues of: (i) lenders’ rights to equitable subrogation, and (ii) substantial performance as a means to support a breach of contract claim...more

Kramer Levin Naftalis & Frankel LLP

Case Alert: AluminumSource, LLC v. LLFlex, LLC

A recent post-trial decision from Delaware regarding alleged breaches of representations and warranties in an asset purchase agreement is noteworthy. First, the decision highlights how buyers may not be able to rely on...more

Robson & Robson, P.C.

Sellers Beware: Sandbaggers Welcomed In Pennsylvania & Delaware

Robson & Robson, P.C. on

Image a home buyer finally finds their dream house. There’s just one problem. During their home inspection, they discover the foundation is cracked. But they buy the house anyway, fully aware of the issues with the...more

Wyrick Robbins Yates & Ponton LLP

Yonder Window Breaks: Earnout Covenants in Acquisitions

Earnouts, which provide sellers payouts if certain post-closing milestones are reached, have become increasingly popular in recent M&A transactions given today’s uncertain regulatory and financial climate.  Inflation, supply...more

Morgan Lewis - Power & Pipes

Real-World Litigation Impacts of Contract Clauses in Energy Contracts Key No-Reliance Language Under Texas Law

Contracting parties sometimes attempt to rely on merger clauses to avoid future claims arising from reliance on extra-contractual representations such as fraudulent inducement. But in Texas, the inclusion of a standard merger...more

Cadwalader, Wickersham & Taft LLP

Title (Coverage) Not Available

Two recent decisions concerning title insurance illustrate that an insured’s negligence can result in an exclusion from coverage and that title insurers generally do not owe a fiduciary duty to their insureds....more

BCLP

In the spotlight: Statutory Implied Conditions, Exclusions and Questions of Reasonableness

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A recent case (Last Bus Ltd (trading as Dublin Coach) v Dawsongroup Bus and Coach Ltd [2022]) has provided a useful reminder of the circumstances in which commercial parties may exclude statutory implied terms, as well as...more

Woodruff Sawyer

R&W Claims 101: Types of Claims

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Representations and warranties (R&W) insurance covers a breach of the reps and warranties contained in the purchase agreement governing a merger or acquisition. Since reps and warranties insurance policies are...more

Shutts & Bowen LLP

Drawn-out negotiations over purchase agreement result in extensive litigation

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A recent case weighed the extent to which a purchaser was able to negotiate terms when exercising a purchase of property under an option in a lease. The litigation began when, after the tenant/buyer exercised its purchase...more

Goulston & Storrs PC

Exclusion of Consequential Damages (UPDATED)

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Market Trends: What You Need to Know - As shown in the American Bar Association's Private Target Mergers and Acquisitions Deal Points Studies: In 2021, 10% of the merger and acquisition purchase agreements covered by...more

McGlinchey Stafford

When do the AAA Rules Govern Arbitrability? - Commercial Law Bulletin April 25 2022

McGlinchey Stafford on

Ohio- Excess Sale Proceeds Royal Oaks Landmark, LLC v. Royal Oak Cal, LLC, 12th Dist. Clermont No. CA2021-06-025, 2022-Ohio-1144- In this appeal, the Twelfth Appellate District affirmed the trial court’s decision,...more

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