Bachewicz v. American National Bank & Trust Co.
Illinois Appellate Court
466 N.E.2d 1096 (1984)
B&B Investment Company and its owners (plaintiffs) contracted to buy an apartment building from Statesman Limited Partnership and its co-owner Associates (defendants). Before closing, Statesman and Associates breached the agreement, refusing to sell; Statesman instead bought out Associates and sold the building to a third party about a year later. B&B sued for breach of contract, and the trial court awarded damages equal to the difference between the B&B contract price and the price of that later resale. Statesman appealed, arguing the resale a year later was the wrong measure of damages.
Whether damages for a seller's breach of a real-estate sale contract are calculated using the property's fair market value at the time of the breach, rather than a resale price from a later sale.