Opinion ID: 2090001
Heading Depth: 2
Heading Rank: 2

Heading: Proposed Assignment to Tu Pyo Hong

Text: ESS entered a contract to sell its business to Tu Pyo Hong on June 4, 1993, the contract to close in twenty-seven days, on or before July 1, 1993. The contract provided for a purchase price of $250,000, which was $200,000 less than in the contract with Mrs. Chung. The contract also provided for a business guarantee of $20,000 in a two week period, plus or minus five percent. On June 7, the broker, Mr. Papadopoulos, wrote Asadoorian enclosing financial information in support of the assignment of the lease to Mr. Hong. In response, on June 14, Asadoorian requested supplemental information, including information regarding Mr. Hong's business experience. The requested information was furnished by letter on June 16. In the interim, Mr. Hong wrote to Mr. Papadopoulos expressing concern that the lease's use clause appeared to prohibit his planned introduction of a salad bar. On July 1, the contract settlement deadline, Asadoorian wrote to Mr. Papadopoulos granting approval of the assignment to Mr. Hong, but noting disapproval of the plan to put in a hot and cold salad bar. The landlord's position was clarified and reiterated in a letter dated July 23: the proposed change in the presentation of food (i.e. the self-service food bar) is not acceptable to the Lessor. The sale of ESS to Mr. Hong was not consummated.