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PEORIA ASSOC. LTD. PARTNERSHIP v. BEST BUY CO.

No. 97 C 3993.

995 F.Supp. 823 (1997)

PEORIA ASSOCIATES LIMITED PARTNERSHIP, an Illinois Limited Partnership, Plaintiff, v. BEST BUY CO., INC., a Minnesota Corporation, Defendant.

United States District Court, N.D. Illinois, Eastern Division.

December 24, 1997.

Attorney(s) appearing for the Case

Richard David Grossman, Chicago, IL, for Plaintiff.

Mark Nicholas Senak, Robins, Kaplan, Miller & Ciresi, Kevin A. Shaw, Robins, Kaplan, Miller & Ciresi, Chicago, IL, for Defendant.

MEMORANDUM OPINION AND ORDER

ASPEN, Chief Judge.

This is a case redolent of a first-year Contracts exam. A retailer wishes to rent space and enters into negotiations with a leasing company. The retailer delivers a signed letter of intent, which specifies that its terms "are binding ... upon full execution hereof and shall not be altered in the lease" but states that "no contract shall exist until a formal lease is executed." The leasing company makes...

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