‘Nice Illustration of the Doctrine of Illusory Promise; Also, Listen to Your Mother!’

“Rabbi Vilmos Meisels, living in Britain, acquired five Brooklyn rental properties worth over $100 million as of 2017. In January 2017, Vilmos entered into a contract, styled a ‘Sale, Deed, and Agreement’ (the Agreement) which purported to transfer the properties to his sons, Henry and Jacob, in exchange for $15 million. Henry, and Henry’s son, Joel, managed the property, and they shared the proceeds of the business with Vilmos and Jacob, until Vilmos passed in 2019. At that point, Henry ceased making payments …” (more)

[Jeremy Telman, ContractsProf Blog, 8 June]

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