Totem Marine Tug & Barge, Inc. v. Alyeska Pipeline Service Co.
Alaska Supreme Court
584 P.2d 15 (1978)
Relevant factsFree
After terminating its shipping contract with Totem (plaintiff), Alyeska (defendant) acknowledged the amount it owed but told Totem payment could take six to eight months, knowing Totem faced possible bankruptcy; Totem, facing imminent financial collapse, accepted a settlement for roughly a third of the acknowledged amount and signed a release, then sued to rescind based on economic duress.
IssueFree
Whether a settlement and release can be rescinded due to the existence of economic duress.
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