Restaurant Supply, LLC v. Giardi Ltd. Partnership – Property owner not obligated to sell to highest and best bidder
Abstract: A state court has rejected the claim that the solicitation of “highest and best” offers from potential purchasers means a seller is required to sell its property to the highest bidder. Although the ruling is binding only in that state, the court’s opinion cites rulings by courts in other states — as well as the Uniform Commercial Code (UCC) that many states have adopted — in support of its conclusion. This article reviews the case and its possible effect on other states. Restaurant Supply, LLC v. Giardi Ltd. Partnership, No. SC 20154 (Conn. Feb. 12, 2019).