On March 23, 2023, the First Department issued a decision in Empery Asset Master, Ltd. v. AIT Therapeutics, Inc., 2023 NY Slip Op. 01585, holding that a plaintiff had met the heavy burden of proving its right to reformation of a contract . . . Continue reading Plaintiff Meets High Burden of Proving Reformation Claim
On February 28, 2023, Justice Ruchelsman of the Kings County Commercial Division issued a decision in Smg Auto. Holdings LLC v. AAF Real Estate, LLC, 2023 NY Slip Op. 30673(U), holding that a landlord’s acceptance of rent waived a breach of the lease . . . Continue reading Landlord’s Acceptance of Rent Waived Breach of Lease
On February 7, 2023, Justice Cohen of the New York County Commercial Division issued a decision in Banner Ridge Secondary Master Fund Ill, L.P. v. Newbury Equity Partners V L.P., 2023 NY Slip Op. 30392(U), holding that a letter of intent was not a binding agreement . . . Continue reading Letter of Intent Not A Binding Agreement
On February 15, 2023, the Second Department issued a decision in R. Vig Props., LLC v. Rahimzada, 2023 NY Slip Op. 00887, holding that in a real estate sales transaction, “once the deed is delivered, its terms are all that survive and the purchaser is barred from prosecuting any claims arising out of the contract” . . . Continue reading Under Merger Doctrine, Transfer of Deed Extinguished Breach of Contract Claim
On February 9, 2023, the First Department issued a decision in Ralph Lauren Retail, Inc. v. 888 Madison LLC, 2023 NY Slip Op. 00747, upholding a claim for mutual mistake . . . Continue reading Court Upholds Claim for Mutual Mistake
On January 24, 2023, the First Department issued a decision in Cullity v. Posner, 2023 NY Slip Op. 00263, holding that the parties were bound by an oral contract . . . Continue reading Parties Bound by Oral Contract
On January 26, 2023, the First Department issued a decision in Claim Recovery Group LLC v. Markel Corp., 2023 NY Slip Op. 00371, holding that a term sheet was a binding agreement . . . Continue reading Term Sheet Binding Agreement
On January 6, 2023, Justice Reed of the New York County Commercial Division issued a decision in SPG Capital Partners LLC v. Cascade 553 LLC, 2023 NY Slip Op. 50016(U), holding that a term sheet was not a binding agreement . . . Continue reading Term Sheet Found Not to Be a Binding Agreement
On December 19, 2022, Justice Chan of the New York County Commercial Division issued a decision in MLCJR, LLC v. PDP Group, Inc., 2022 NY Slip Op. 34345(U), holding that even when a contract grants a party absolute discretion, that discretion may not be exercised arbitrarily or irrationally . . . Continue reading Even When Contract Grants Party Absolute Discretion, That Discretion May not be Exercised Arbitrarily or Irrationally
On December 22, 2022, Justice Reed of the New York County Commercial Division issued a decision in J.P. Morgan Ventures Energy Corp. v. Miami Wind I, LLC, 2022 NY Slip Op. 51308(U), holding that financial hardship was no excuse for failing to perform a contract . . . Continue reading Financial Hardship is No Justification for Breaching Contract
