Tag Archives: mutual mistake

Chancery Reforms Scrivener’s Error; Imposes Attorneys’ Fees on Attorney/Party Who Stayed Knowingly Silent about Mistake

ASB Allegiance Real Estate Fund v. Scion Breckenridge Managing Member LLC, C.A. No. 5843-VCL (Del. Ch. May 16, 2012). Issue Addressed: Should a real estate joint venture agreement be reformed to correct a scrivener’s error in the provisions of an agreement that “departed from settled real estate practice and produced an economically irrational result.” Short Answer: Yes. … Continue Reading

Investment Fund Partners Required to Make Capital Call; Chancery Rejects Supervening Frustration Argument

McReynolds v. Trilantic Capital Partners IV, L.P., C.A. No. 5025-VCL (Del. Ch. Sept. 23, 2010), read opinion here. Short Overview The Delaware Court of Chancery rejected the argument of certain limited partners of an investment fund who filed suit to assert that they should be entitled to "back out" of the investment fund they joined, … Continue Reading