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Greer Properties, Inc. v. LaSalle National Bank
Question 1
The buyer alleged that seller breached their agreement to terminate the contract only based on good faith and fair dealing. The plaintiff had entered into a contract with the defendant for the purchase of a property. The purchase was subject to an environmental cleanup on the part of the defendant. Both parties had agreed that the defendants would terminate the contract if the cost of the cleanup were not feasible. However, the defendants terminated the contract when they received a better offer and not on the basis of good faith and fair dealing.
Question 2
In the event that the seller’s discretion was limitless and final then the contract would not be enforceable. This is because in such a scenario, the seller would terminate the contract at will without any regard for all the other parties involved. Such a contract would only protect the interests of the seller exposing all other parties to the possibility of loss in case of a breach. Therefore, having such a contract would not be fair to either of the involved parties and in particular the potential buyers. Good faith and fair dealing should inform the seller’s discretion over contract termination. Therefore, the contract should have provisions that protect all the parties involved. These provisions should provide for legal remedies in the event of a breach of contract.
Question 3
If I was representing the buyer, I would argue that the seller having determined that the cost of cleaning up the land would be lesser that expected, informed the other buyer of the new possibility. After which, they informed the buyer of my clients offer and asked them to counter it. Upon the other buyer offering a higher price, they proceeded to terminate the contract. Therefore, the sellers termination was invalid as it was not on the basis of good faith and fair dealing but was informed by a better offer from a rival buyer. However, the seller could argue that the cleanup cost was way above what they had budgeted to spend. Therefore, it was impractical to proceed with the cleanup. Concerning the other buyer, I would argue that they had offered to cover the cost of the cleanup. This matter would be decided by a jury, the jury should be instructed to examine the facts of the case relating to how the breach was executed. Also, they should examine the circumstances of the breach in relation to the general provisions of contract law.
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