Common Contracts

Settlement and Breach of Contract: Key Takeaways from Parkway

September 5th, 2020

• Filed
  September 5th, 2020

This case concerns a company (“U.S. Home”) entering into a contract to purchase land from a limited liability company (“Purchase Agreement”) solely owned by two brothers (“Sellers”). On the same day of the purchase, U.S. Home executed a contract (“Development Contract”) with Bevard Development Company, which was to take steps in developing the land. Although not a party to either contract, Parkway—another limited liability company owned by the Sellers—classified itself as a “third-party beneficiary” of the Development Contract. Under the Development Contract,