Good Faith and Fair Dealing Claim Fails for Lack of Enforceable Contract

Good Faith and Fair Dealing Claim Fails for Lack of Enforceable Contract

On August 28, 2024, Justice Chan of the New York County Commercial Division issued a decision in Imperium Blue Acquisition Partners, LLC v. Marathon Asset Mgt., L.P., 2024 NY Slip Op. 33042(U), holding that a claim based on the implied covenant of good faith and fair dealing failed for lack of an enforceable contract . . . Continue reading Good Faith and Fair Dealing Claim Fails for Lack of Enforceable Contract

Court Upholds Implied Covenant Claim Based on SPV’s Failure to Remain Sufficiently Capitalized to Pay Loan

Court Upholds Implied Covenant Claim Based on SPV’s Failure to Remain Sufficiently Capitalized to Pay Loan

On September 5, 2024, the First Department issued a decision in Ria R Squared, Inc. v. DW Partners, LP, 2024 NY Slip Op. 04363, upholding a claim for the breach of the covenant of good faith and fair dealing based on an SPV’s failure to remain sufficiently capitalized to repay a loan . . . Continue reading Court Upholds Implied Covenant Claim Based on SPV’s Failure to Remain Sufficiently Capitalized to Pay Loan

Written Contract for Sale or Real Estate Fails to Satisfy Statute of Frauds Because it Lacked Material Non-Price Terms

Written Contract for Sale or Real Estate Fails to Satisfy Statute of Frauds Because it Lacked Material Non-Price Terms

On August 7, 2024, the Second Department issued a decision in South Shore Estates, Inc. v. Guy Friedman Realty Corp., 2024 NY Slip Op. 04156, holding that a written contract for the sale of real estate nonetheless failed to satisfy the statute of frauds because it lacked material non-price terms . . . Continue reading Written Contract for Sale or Real Estate Fails to Satisfy Statute of Frauds Because it Lacked Material Non-Price Terms

Claim for Breach of Covenant of Good Faith and Fair Dealing Dismissed As Duplicative of Breach of Contract Claim

Claim for Breach of Covenant of Good Faith and Fair Dealing Dismissed As Duplicative of Breach of Contract Claim

On July 29, 2024, Justice Bannon of the New York County Commercial Division issued a decision in Brighthill Capital, LLC v. Abrams, 2024 NY Slip Op. 32639(U), dismissing a claim for breach of the covenant of good faith and fair dealing as duplicative of a breach of contract claim . . . Continue reading Claim for Breach of Covenant of Good Faith and Fair Dealing Dismissed As Duplicative of Breach of Contract Claim