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IFC CREDIT CORP. v. MAGNETIC TECHNOLOGIES

No. 1-06-0426.

859 N.E.2d 76 (2006)

307 Ill.Dec. 76

IFC CREDIT CORPORATION, Plaintiff-Appellant, v. MAGNETIC TECHNOLOGIES, LTD., Defendant-Appellee.

Appellate Court of Illinois, First District, Second Division.

November 14, 2006.

Attorney(s) appearing for the Case

Masuda, Funai, Eifert & Mitchell, Ltd., Chicago (Edward J. Underhill and Nancy E. Sasamoto, of counsel), for Appellant.

Michael J. Fleck, Huntley (Michael J. Fleck, Colleen E. Helenhouse & Thomas L. Schmid, of counsel); Attorneys for Pure Solutions and Charles Powers, Chicago (Roberti & Lohmar & Douglas W. Lohmar, Jr., of counsel), for Appellee.

Justice HOFFMAN delivered the opinion of the court:

IFC Credit Corporation (IFC) appeals from an order of the circuit court dismissing the instant breach of contract action pursuant to the doctrine of res judicata. For the reasons which follow, we reverse the judgment of the circuit court and remand this cause for further proceedings.

On October 10, 2003, NorVergence, Inc. (NorVergence) and IFC entered into a Master Program Agreement, governing

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