Bond Drug Co. of Ill. v. Amoco Oil Co.

This case arises out of a 1984 real estate transaction in which defendant-appellant Amoco Oil Company (Amoco) agreed to transfer a service station site to plaintiff-appellee Bond Drug Company of Illinois (Bond) in exchange for properties worth $1,175,000. When Amoco failed to comply with the terms of the parties’ agreement, Bond sued for specific performance and Amoco counterclaimed for rescission. On cross-motions for summary judgment, Judge Hourihane entered judgment in favor of Amoco, denied Bond’s motion, and rescinded the contract. On appeal, this court reversed summary judgment in favor…