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ELDA ARNHOLD AND BYZANTIO v. OCEAN ATLANTIC WOODLAND CORPORATION

No. 01-1611.

284 F.3d 693 (2002)

ELDA ARNHOLD AND BYZANTIO, L.L.C., Plaintiffs-Appellees, v. OCEAN ATLANTIC WOODLAND CORPORATION, Defendant-Appellant.

United States Court of Appeals, Seventh Circuit.

Decided March 21, 2002.

Attorney(s) appearing for the Case

Terence H. Campbell (Argued), Cotsirilos, Stephenson, Tighe & Streicker, Chicago, IL, for Plaintiffs-Appellees.

William P. Farrell, Jr. (Argued), Gardner, Carton & Douglas, Chicago, IL, for Defendant-Appellant.

Before FLAUM, Chief Judge, and COFFEY and MANION, Circuit Judges.

COFFEY, Circuit Judge.

Ocean Atlantic Woodland Corporation ("the Buyers" or "Ocean Atlantic") entered into a final settlement agreement with Elda Arnhold and Byzantio, L.L.C. ("the Sellers") concerning the sale of farmland in Will County, Illinois. The agreement contained a "time-essence" clause that required the parties to close on the property no later than January 25, 2001.1 Ocean Atlantic...

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