Northern District of Illinois Enforces Personal Guaranty

GE BUSINESS FINANCIAL SERVICES INC. v. Schiffman, Dist. Court, ND Illinois 2011 - Google Scholar

This is a case where GE loaned money to a business and sought to collect on a guarantee by two individual defendants.


The court entered summary judgment in favor of GE, after noting that the individual defendants did not file a response to the Motion for Summary Judgment. This case demonstrates that contract cases can often be resolved with summary judgment.


"Under Illinois law, for a breach of contract cause of action, a plaintiff must establish: "(1) an offer and acceptance; (2) consideration; (3) definite and certain terms; (4) performance by the plaintiff of all required conditions; (5) breach; and (6) damages caused by the breach." Cogswell v. CitiFinancial Mortg. Co., Inc., 624 F.3d 395, 398 (7th Cir. 2010).


...


GE has pointed to sufficient evidence to show that, as a matter of law, the Guaranty was a valid contract, based on offer and acceptance, consideration, and definite and certain contract terms. In addition, it is undisputed that GE made the Loan on August 8, 2007 and performed all of its obligations under the Guaranty. (SF Par. 4, 14). Thus, GE has also pointed to sufficient evidence to show that, as a matter of law, GE performed the conditions required under the contract."


Edward X. Clinton, Jr.


www.clintonlaw.net