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Connecticut Supreme Court - 570 A.2d 164, 213 Conn. 665
Tags: Contracts, unjust enrichment, restitution
tl;dr:
Partnership to flip apartments fails, and the parties both lose their investment. No restitution owed without unjust enrichment.Video Summary
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This case involves a dispute between limited and general partners of a real estate venture over a breach of the "negative cash flow guaranty." The limited partners sought rescission and restitution of their investments, but the trial court ruled in favor of the general partners. The plaintiffs appealed, and the higher court found no reversible error in the trial court's decision. The trial court erred in concluding that the plaintiffs were not entitled to rescission due to a failure to prove a material breach. The court of appeals agreed that the defendants' breach was material to the contract, but found that the plaintiffs failed to demonstrate unjust enrichment for the remedy of restitution. The plaintiffs had bargained for the guaranty due to their concern about the quality of the Houston properties and the overall status of the Houston real estate market. The partnership agreement documents all contained the guaranty, and there was no testimony that the plaintiffs would have invested in the partnership without it.
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