Sutton Place Development Co. v. Bank of Commerce & Industry

Counterplaintiff, Bank of Commerce and Industry (BCI), brought an action in the circuit court of Cook County, seeking specific performance of a contract that allegedly obligated counterdefendant, Abacus Mortgage Investment Company (Abacus), to purchase all of BCI’s interest in a Florida condominium development, known as Sutton Place. The trial court granted BCI’s request for specific performance. Abacus appeals.

We affirm in part and reverse in part.

Abacus makes the following arguments: (1) the contract the court relied upon to grant BCI’s request for specific performance was an option…