Sunday, February 04, 2024 12:34:36 PM
"A Superior Court judge upheld the enforceability of the liquidated damages clause. Hines appealed and the Appeals Court reversed, concluding that the provision was an unenforceable penalty because it didn’t account for the fact that Cummings could (and in fact did) re-let the space and mitigate its damages. Cummings then appealed to the SJC.
In its decision, the SJC cited the basic rule of freedom of contract and deference to those who willingly enter into legally enforceable contracts."
I understand your feelings as expressed here and I know I'm preaching to the choir:
"I am not sure the logic behind the doctrine is more persuasive than the common sense idea that a judgment for you should simply “make you whole” and, in severe cases, penalize the loser with punitive damages."
But that adds some subjectivity that the Court wanted to avoid.
What's a severe case? What's more severe than what happened here other than leaving town on the midnight train? An executed lease should avoid litigation and there should be a penalty for the party that doesn't meet its terms, not just a "making whole".
A landlord should be able to sleep comfortably in the knowledge that the tenant will pay its rent, etc. without the need for any litigation. How should Cummings be compensated for the lost sleep?
Is it okay to be forced to endure a court case in order to secure what is rightfully yours by contract?
IIRC a sublessee for a portion of the space was found and that deal was allowed to get undone by the inaction of IPIX. There was little left for IPIX to do wrong in this situation.
Anyway...the fat lady still hasn't sung. At last tally IPIX doesn't have the judgment money. Now what?
The whys and wherefores behind LE's decision to avoid a decision would be interesting to know. Every day here we're told about the potential of brilacidin, etc. If he had the same level of confidence expressed here he should have been able to make SOME decision, whether that be a smaller space or no space at all, as it ended up. That's all he had to do. He's not very good at decisions, is he?
No matter what it is or who commenced it, I'm against it!
....Groucho
Recent IPIX News
- Form 8-K - Current report • Edgar (US Regulatory) • 02/01/2024 01:30:25 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 12/05/2023 09:25:58 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 11/20/2023 09:05:44 PM
- Form NT 10-Q - Notification of inability to timely file Form 10-Q or 10-QSB • Edgar (US Regulatory) • 11/15/2023 01:00:19 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 10/30/2023 08:15:25 PM
- Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405] • Edgar (US Regulatory) • 09/28/2023 01:00:08 PM
Greenlite Ventures Completes Agreement with No Limit Technology • GRNL • Jul 19, 2024 10:00 AM
VAYK Expects Revenue from First Airbnb Property Starting from August • VAYK • Jul 18, 2024 9:00 AM
North Bay Resources Acquires Mt. Vernon Gold Mine, Sierra County, California, with Assays up to 4.8 oz. Au per Ton • NBRI • Jul 18, 2024 9:00 AM
Nightfood Holdings Signs Letter of Intent for All-Stock Acquisition of CarryOutSupplies.com • NGTF • Jul 17, 2024 1:00 PM
Kona Gold Beverages Reaches Out to Largest Debt Holder for Debt Purchase Negotiation • KGKG • Jul 17, 2024 9:00 AM
Avant Technologies Welcomes Back Former CEO with Eye Toward Future Growth and Expansion • AVAI • Jul 17, 2024 8:00 AM