F.H. Prince & Co. v. Towers Financial

JUSTICE GORDON delivered the opinion of the court: This appeal follows our dismissals of appellant's two prior appeals which had been taken from nonfinal judgments. ( F.H. Prince & Co. v. Towers Financial Corp. (1994), 266 Ill. App. 3d 977, 640 N.E.2d 1313, 203 Ill. Dec. 940.) Appellant subsequently obtained certification pursuant to Supreme Court Rule 304(a) (159 Ill. 2d R. 304(a)); and this court now has jurisdiction to hear the merits of the arguments presented. The underlying action brought by F.H. Prince & Co. (Prince) alleged a breach of contract by Towers Financial Corporation (Towers) due to Towers' failure to fulfill the terms of a settlement agreement, promissory note and guaranty. In defense of that action, Towers filed two affirmative defenses: (1) that the settlement instruments were voidable because they were executed by Towers as a result of the fraudulent misrepresentations of a third party and because Prince gave no value for their execution; and (2) that the settlement instruments were unenforceable for want of consideration. Towers also filed a counterclaim seeking restitution based on mistake of fact and unjust enrichment.