Skyco Resources, LLP v. Family Tree Corp.
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The Supreme Court affirmed in part and reversed in part the decision of the district court granting summary judgment to Family Tree Corporation and JD4, LLC (collectively, Family Tree) and dismissing Skyco Resources, LLP's complaint asserting claims for breach of contract, breach of the covenant of good faith and fair dealing, conversion, and fraud/intentional misrepresentation, holding that the district court erred in part.
Skyco entered into an agreement with Family Tree for the purchase of mineral interests owned by Family Tree. Before closing, however, Skyco wrote a letter giving notice of its termination of the agreement and demanding a return of its earnest money. Because Skyco failed to comply with the agreement's termination provision Family Tree refused to return the earnest money. Skyco then sued for return of the earnest money. The district court granted summary judgment to Family Tree. The Supreme Court reversed in part, holding that the district court (1) erred in granting summary judgment for Family Tree on Skyco's claim for return of its earnest money; and (2) properly granted summary judgment for Family Tree on Skyco's remaining claims.
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