Greer Properties, Inc. v. LaSalle National Bank

Sellers LaSalle National Bank and Old Orchard West Venture (defendants) contracted to sell contaminated commercial property to Greer Properties (plaintiff), agreeing to clean up the property themselves but reserving the right to terminate if cleanup costs proved "economically impracticable"; after a new environmental assessment estimated cleanup at $190,000 to $240,000 -- which the sellers privately deemed impracticable without informing Greer -- a rival buyer, Searle (who had earlier walked away over a $500,000 cleanup estimate), made a new, substantially higher offer, and the very next day the sellers terminated their contract with Greer. Greer sued, arguing the sellers breached their implied obligation to exercise their termination discretion in good faith; the district court granted the sellers summary judgment, and Greer appealed.