Itek Corporation v. Chicago Aerial Industries, Inc.

WOLCOTT, Chief Justice.

This is an appeal by Itek Corporation (Itek) from the grant of summary judgment for the defendants in a breach of contract action brought by Itek against Chicago Aerial Industries, Inc. (CAI) and individuals who collectively represented in the contract negotiations CAI and its controlling stockholders.

Both Itek and CAI are producers of photographic equipment. At the time of the events which ultimately led to this litigation, approximately 50% of the CAI stock was owned by its president and by the estates of two of its founders. The beneficiaries of the estates,…