McDonald's Corp. v. Vittorio Ricci Chicago, Inc.

Vittorio Ricci Chicago, Inc. (Ricci), leased the premises at 734 North Michigan Avenue, Chicago, from McDonald’s Corporation (McDonald’s). The lease provided that Ricci had the right to assign the lease under certain conditions and Ricci claims that it was damaged when McDonald’s wrongfully failed to consent to a proposed assignment. McDonald’s responds that Ricci was in default for more than 30 days and that consequently, under the terms of the lease, Ricci had no right of assignment. Ricci replies that McDonald’s induced it to wait beyond the 30-day default period and therefore McDonald’s…