A letter of intent for the purchase/sale of a commercial real estate parcel (“LOI”) is a very important part of the contract negotiation process and must be handled properly.
Archive for month: December, 2011
On December 2, 2011, the Illinois Supreme Court ruled in an unanimous decision in Reliable Fire Equipment Company v. Arnold Arredono (2011 IL 111871) that there are additional factors that courts should consider when determining the protectability of a legitimate business interest..
Unfortunately, there is no simple answer to that question as Illinois Appellate Court Districts have taken vastly different approaches to making a decision. There are two general theories.