Plaintiff Ivey formed LLC to create and sell customizable lease forms which he contended was unavailable in the rental market. Defendant corporation entered into a nonexclusive marketing agreement with Plaintiff to build a platform to sell the leases on its website. After nearly 5 years, Defendant decided not to build the platform or sell LLC's leases. Ivey and LLC sued Defendant for breach of contract, fraud, and promissory estoppel and seeking over $23 million in damages. Court did not err in finding LLC's damages were too speculative as, under the new business rule, LLC could not present evidence estimating actual sales of its new, customizable leases. Court did not err in declining to proceed to trial on nominal damages or in denying LLC's request for attorney's fees. Court correctly dismissed the fraud claim where LLC failed to present facts showing Defendant acted with the intent to defraud. (COGHLAN, concurring; WALKER, dissenting.)
Illinois Appellate Court
Civil Court
Fraud