Burke v. 401 N. Wabash Venture, LLC

Dist. Ct. did not err in dismissing for failure to state cause of action plaintiff’s complaint seeking rescission of contract for purchase of yet-to-be-built condominium and two parking spaces in Trump Tower on grounds that developer’s decision to put parking spaces on sixth floor lowered value of his investment and increased amount of maintenance fees plaintiff would be required to pay. Plaintiff failed to establish any material change in contract where contract contemplated that placement of parking places on sixth floor was possibility. Ct. further found that implied promise of good faith and fair dealing on part of defendant was sufficient to defeat plaintiff’s claim that instant contract was unenforceable due to lack of mutuality even though parties had different remedies for opposing party's breach of contract. Moreover, Ct. rejected plaintiff’s claim that instant contract violated Interstate Land Sales Full Disclosure Act by failing to provide plaintiff with information regarding defendant’s ability to terminate contract.