Reserve Realty, LLC v. Windemere Reserve, LLC

Summary

The court overruled the prior rule treating real estate list-back agreements as per se illegal whenever they affected more than a minimal amount of commerce. It held that such challenges must satisfy a five-element tying test requiring proof of conditioning, coercion, economic power in a defined market, anticompetitive effects, and a noninsubstantial effect on commerce. Because the pleadings, evidence, and findings did not establish the relevant markets, economic power, or anticompetitive pricing effects, the court reversed and remanded for consideration of the plaintiffs' remaining claims.