A guarantor was sued for the failure of the obligor/tenant to pay rent. The tenant had defaulted on a commercial lease and under the lease’s acceleration clause owed the landlord more than $1,740,000. When the guarantor was sued, he claimed that the landlord’s re-letting of the space precluded full recovery…
For any contract to be enforced, it must address the transaction’s core elements. It must identify the parties, the property sufficiently for it to be identified, and the price. And it must be signed. What if the contract does not detail how or when the balance is to be paid…
What do Trinidad, Tobago, Barbados, Peru and Jamaica have in common? By filing for trademark registration in those venues, Apple, and other large companies, are able to hide up and coming products and their names from the public, for months, while obtaining some level of trademark protection. Fortune magazine explains how…
In an interesting recent case, the First Department affirmed the viability of a broker’s claim for a commission despite the fact that there were questions as to the broker’s actual role in procuring a buyer. After Waterbridge Capital, LLC sold a property, it refused to pay its broker, Eastern Consolidated…
Plaintiffs own a number of commercial properties in Brooklyn. In connection with that ownership, plaintiffs retained defendant broker to arrange for insurance coverage for the buildings. At the time of issuance, in 2002, the policies did not cover flood-related damage. In 2007, defendant offered plaintiffs flood coverage. Plaintiffs agreed and…
While some businesses believe that all of their business information can be deemed a “trade secret,” the Second Department recently reaffirmed that not to be the case. In an action by a lighting company seeking to prevent an ex-employee from working for a competitor, the company’s claim that the employee…
In affirming the dismissal of an insurance company’s breach of contract claim which alleged that the insured’s failure to cooperate and obtain consent to settle breached the policy, the First Department held that despite reservation of rights language, an insurance company’s unreasonable delay in dealing with the insured’s claims and…
Some time ago, as part of a discussion about equitable rescission based on fraud, we noted that recovery based on a fraud claim where damages were not specifically alleged and sufficiently supported was the subject of a split between the First and Second Departments. The Second Department had held that…
Leisure Time Travel, Inc., specializes in “producing holiday tours and vacations that comport with Jewish law and tradition.” Villa Roma claims to be the last resort in the Catskills region. In 2001, the parties entered into a contract whereby Villa Roma would be rented for five Passover holidays, from 2002…
Land O’ Lakes Outdoors, Inc. and Land O’ Lakes Tackle Co., Inc., began their business selling fishing tackle in a Wisconsin town called Land O’ Lakes, a region “dotted” with lakes attractive to fishermen. Since 1997, these businesses sold fishing tackle to retailers in a number of states. In 2000,…