Walters v. Marathon Oil Co.

642 F.2d 1098 (7th Cir. 1981)

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Nature of the Case

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Facts

Marathon (D) had discussions with Walters (P) about locating a combination food store and service station on a vacant gasoline service site in Indianapolis. P purchased the station and made improvements on it based upon the promise made and the continuing negotiations with representatives of D. D then placed a moratorium on applications for dealerships and seller arrangements. P sued and was given the verdict by the trial court. D appealed; the award for lost profits and the failure of P to take reasonable steps to mitigate his losses. The moratorium was in response to the Iranian revolution and the uncertainty of oil supplies.