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WOODBRIDGE PLACE APTS. v. WASHINGTON SQUARE CAPITAL

Nos. 91-1347, 91-1379.

965 F.2d 1429 (1992)

WOODBRIDGE PLACE APARTMENTS, an Indiana Limited Partnership, and Robert L. Jarrett, Plaintiffs-Appellees, v. WASHINGTON SQUARE CAPITAL, INCORPORATED, doing business as Washington Square Advisers, Northern Life Insurance Company and Ministers Life, Defendants-Appellants. WOODBRIDGE PLACE APARTMENTS, an Indiana Limited Partnership, and Robert L. Jarrett, Plaintiffs-Appellants, v. WASHINGTON SQUARE CAPITAL, INCORPORATED, doing business as Washington Square Advisers, Northern Life Insurance Company and Ministers Life, Defendants-Appellees.

United States Court of Appeals, Seventh Circuit.

Decided June 8, 1992.

Attorney(s) appearing for the Case

David V. Miller (argued), David E. Gray and Greg A. Granger, Bowers, Harrison, Kent & Miller, Evansville, Ind., for Woodbridge Place Apartments, an Indiana Limited Partnership and Robert L. Jarrett.

Robert H. Hahn, Bamberger, Foreman, Oswald & Hahn, Evansville, Ind.; Duane L. Paulson, Oppenheimer, Wolff & Donnelly; Lawrence C. Brown (argued), Faegre & Benson; and James E. Nelson, Northwestern Nat. Life Ins. Co., Minneapolis, Minn., for Washington Square Capital, Inc., Northern Life Ins. Co. and Ministers Life.

Phillip E. Stano, Richard E. Barnsback and David M. Leifer, American Council of Life Ins., Washington, D.C., for American Council of Life Ins., amicus curiae.

Before WOOD, Jr., MANION, and KANNE, Circuit Judges.

HARLINGTON WOOD, Jr., Circuit Judge.

This controversy highlights the distinction between an option contract and a conditional bilateral contract, as well as breach and the failure of a condition precedent.

The lenders and borrower entered into an agreement where the lenders agreed to loan over 4.6 million dollars if certain conditions were satisfied on the date of closing. The loan never funded because some of these conditions were not satisfied. The borrower...

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