In the closing months of 2012, the New York Court of Appeals decided three cases that addressed interesting issues of contract law. In Jade Realty v. Citigroup Commercial Mortg. Trust 2005-EMG,1 the court considered whether, absent a claim for reformation, a court could add words to a contract to carry out the intent of the parties when a transaction document as written did not let a party enjoy a benefit that had been agreed to in the term sheet.
In J. D’Addario Company v. Embassy Industries,2 the court decided whether an award of pre-judgment statutory interest could be had when a contract for the sale of property provided that delivery to seller of the deposit made in escrow by buyer, and accrued interest thereon, would be seller’s “sole remedy” and buyer’s “sole obligation” in connection with a breach by buyer and that seller would have “no further rights.”
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