Posts Categorized: Contracts

Posted: March 25, 2017

IM’s Did Not Create Contract Because Deal Was “Subject To” Further Documentation

On March 23, 2017, the First Department issued a decision in Luxor Capital Group, L.P. v. Seaport Group LLC, 2017 NY Slip Op. 02167, holding that an exchange of instant messages did not create a binding contract, explaining: The instant messages exchanged between the parties reflect that the transaction at issue was “subject to language”… Read more »

Posted: March 20, 2017

Statute of Limitations Runs From When Contract is Signed, Not When it is Dated

On March 9, 2017, the First Department issued a decision in Natixis Real Estate Capital Trust 2007-HE2 v. Natixis Real Estate Holdings, LLC, 2017 NY Slip Op. 01796, holding that the statute of limitations on a claim for breaches of representations and warranties accrues when the contract is signed, not when it is dated, explaining:… Read more »

Posted: March 14, 2017

Past Consideration Received and Acknowledged Sufficient Consideration Under Contract

On February 28, 2017, the First Department issued a decision in Neo Universe Inc. v. Ito, 2017 NY Slip Op. 01491, holding that there had been sufficient consideration for a loan agreement and note, explaining: Plaintiff Shinji Mitsunaga (plaintiff), principal of the corporate plaintiff, demonstrated his entitlement to judgment by the introduction of the Loan… Read more »

Posted: March 10, 2017

First Department Examines Scope of Covenant of Good Faith and Fair Dealing

On February 28, 2017, the First Department issued a decision in Transit Funding Associates, LLC v. Capital One Equipment Finance Corp., 2017 NY Slip Op. 01525, examining the scope of the covenant of good faith and fair dealing. In Transit Funding Associates, the plaintiff, “a financing company that loaned money to Chicago taxi owners and… Read more »

Posted: March 1, 2017

Terms and Conditions Sent to Party Several Days After Parties’ Agreement Part of Contract

On February 21, 2017, the First Department issued a decision in Lion Copolymer, LLC v. Kolmar Americas, Inc., 2017 NY Slip Op. 01307, holding that terms and conditions sent to a party several days after the parties reached an agreement were part of the agreement, explaining: In July 2011, representatives from plaintiff Lion Copolymer, LLC… Read more »