Dispute Over Import Center Ownership
Partners, controlling shareholders, and controlling LLC members have fiduciary duties to their other interest holders. The duties vary depending on agreements reached, but one of the classic duties is loyalty. A recent case illustrates how lawsuits might allege an action for breach of fiduciary duty. After negotiating a deal to build a facility at O’Hare, […]
What Is Tortious Interference with Contract In Illinois?
Contracts are the lifeblood of most businesses. As businesses go about their operations, contracts provide stability and predictability. Depending on the business, contracts can determine almost every aspect of the business, including cost, materials, employment terms, production schedules and more. When contracts are breached, a variety of issues may arise. After a breach, the conflict […]
The Status of Non-Compete Agreements in Illinois
The proliferation of non-compete agreements is a fact in the hyper-competitive world of business. In Illinois, these agreements are known as covenants not to compete (CNCs). While CNCs are still allowed in Illinois, there has been substantial evolution of law about them in recent years. What is a CNC? A CNC is part of an […]
What is Breach of Contract?
You may be wondering what is a breach of contract? Luckily, you are in the right place. Remember when a “contract” consisted of a gentleman’s agreement sealed with a handshake? If not, do not feel bad because those days never existed. As generations entered into (and tried to get out of) agreements with others, a […]
What is an Unconscionable Contract?
You may be wondering what is an unconscionable contract? Our legal system assumes that agreements reached between two or more parties are fair and freely entered into. Without evidence suggesting otherwise, the legal system presumes that both parties understand the contract’s terms. But what if this was not the case? What if one party was […]