Hoyt Investment Co. v. Bloomington Commerce & Trade Center Associates

OPINION

POPOVICH, Chief Judge.

Appellant challenges a judgment dismissing its complaint, claiming the trial court erroneously determined appellant’s contractual rights under a settlement agreement. We reverse.

FACTS

On July 21, 1981, respondent Blooming-ton Commerce and Trade Center Associates, a partnership consisting of William O. Cooley and Arthur J. Petrie (Cooley-Petrie), executed a purchase agreement with seller Metropolitan Sports Facilities Commission (Commission). Closing was scheduled for November 1, 1982 with a purchase price of $14,249,075. The involved property consisted of the…