Commercial Recycling Center, Ltd., an Alaska Limited Partnership, and Gregory Tiplady, Appellants v. Hobbs…

Summary

The court held that the sellers' unilateral declaration did not legally rescind the buyout agreement and that equitable rescission was unavailable on a failure-of-consideration theory because the sellers' remedy for the unpaid definite money obligation was damages. It affirmed the valuation and damages determinations based on the amounts stated in the agreement. It reversed the sua sponte summary judgment ruling on the breach-of-fiduciary-duty theory and remanded for consideration of that claim.