Page 14 - John Hundley 2018

Welcoming Trevor Sawyer

Sharp-Hundley, P.C. is pleased to announce that Trevor Sawyer, 2017 graduate of the Loyola University
(Chicago) School of Law, has joined the firm as an associate.

A Mt. Carmel, IL, native, Sawyer received a Bachelor of Science Degree in
paralegal studies from Southern Illinois University in 2014. He then studied law
at Loyola-Chicago, where he was on the Dean’s List multiple semesters.
While at SIU, Sawyer was a member of the Delta Epsilon Iota Academic
Honor Society and the Lambda Epsilon Chi National Paralegal Honor Society.
“We are very happy that Trevor is joining us,” said Sharp-Hundley President
John Hundley. “We look forward to his many contributions to our practice and
our clients.”
At Sharp-Hundley, Sawyer will concentrate his practice in civil litigation,
creditors’ rights, real estate and related matters. He may be reached at our Mt.
Vernon office, 618-242-0200, Trevor@sharp-hundley.com.

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No Relief For Party That Fails To Exercise Option On Time

Rejecting contrary authority, a panel of the Appellate Court in Chicago has ruled that equitable
relief is barred where an option contract indicated that time was of the essence and the time deadline
was not met, or where a contracting party lost its right through negligence or mere forgetfulness.

Ruling in Michigan Wacker Assoc., LLC v. Casdan, Inc., 2018 IL App (1st) 171222, the court dealt
with a situation where a lessee had said that it “would like to exercise” the option well before the
deadline, but only as part of a proposal to rework lease terms in several other ways. The failure of
the lessee to follow up with a concrete acceptance by the deadline was found to be fatal.

Citing precedent from 1900, the panel said that a “contractually mandated time for performance is
generally an essential term of a contract” and, unless waived, “an option is lost due to untimeliness.”

Noting that courts generally have required strict compliance with
options, the court said that “actual or oral notice is insufficient to exercise
an option where a party has failed to provide timely written notice.”

Moreover, it said an “acceptance of an offer contained in an option
must be specific, certain, and unconditional.”

Noting that some courts had allowed equitable relief to rectify blown
options, the Michigan Wacker panel refused to go down that path. It said such relief was not
available where the lease stated time was of the essence (as did the lease at issue), or where the
deadline was blown through negligence (as arguably also was the case).

Brenda\SharpThinking\#152.pdf
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SHARP-HUNDLEY, P.C.

1115 Harrison, Mt. Vernon, IL 62864 • Telephone 618-242-0200 • Facsimile 618-242-1170
www.sharp-hundley.com

Business Transactions • Litigation • Financial Law • Problem Finances • Real Estate • Corporate • Commercial Disputes
Creditors’ Rights • Arbitration & Mediation • Estate Planning • Probate • Appeals

John T. Hundley: John@sharp-hundley.com; Trevor S. Sawyer: Trevor@sharp-hundley.com

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