March 31, 2008
23-25 BUILDING PARTNERSHIP, an ) Appeal from the
Illinois Partnership, ) Circuit Court of
) Cook County.
TESTA PRODUCE, INC., an Illinois )
Corporation, and PETER W. TESTA, )
an Individual, )
Defendants-Appellants/ ) Brigid Mary McGrath,
Cross-Appellees. ) Judge Presiding.
JUSTICE WOLFSON delivered the opinion of the court:
The parties in this case owned units in the South Water
Market area in Chicago. An outside buyer agreed to purchase the
entire subdivision if all the unit-owners agreed to sell. The
defendants agreed to pay the plaintiff $50,000 as an inducement
to agree to the sale. After the sale was complete, the
defendants refused to pay the $50,000, contending the plaintiff
fraudulently misrepresented that it needed the money because it
was "upside down" in its mortgage.
Following a bench trial, the trial court entered judgment
for the plaintiff, holding the defendants could not rescind their
contract because they benefitted from the sale and because the
parties could not be returned to their pre-contract position.
The defendants appeal the trial court’s judgment. The plaintiff