American Communities Corp. v. RIHT Mortgage Corp.

Pope, Judge.

Appellant American Communities Corporation (ACC) appeals a verdict and judgment awarded to appellee RIHT Mortgage Corporation (RIHT). RIHT sued ACC for breach of contract and ACC counterclaimed for breach of contract, fraud and fraud in the inducement. ACC was a real estate developer. In 1985, ACC was developing a condominium project with a different twist. The project was located near the campus of Southern Tech and was intended to house Southern Tech students. ACC sought investors to buy the condominium units who would in turn rent to students. Because the loans were to be made…