Konrad v. Stoebner

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Thomas Konrad and Myron Stoebner entered into a contract for the sale of real property. Under the contract, the Stoebners agreed to sell Konrad nine parcels of real estate. The contract contained an arbitration clause. When the Stoebners refused to close on the sale of Parcel 7, Konrad sent the Stoebners a demand for arbitration. The arbitrator ruled that the Stoebners breached the contract and ordered the Stoebners to transfer Parcel 7 to Konrad. The Stoebners moved to vacate the award, arguing that the arbitrator exceeded his powers by disregarding the contractual definition of “transfer.” The circuit court denied the Stoebners’ application and confirmed the arbitration award. The Supreme Court affirmed, holding that the circuit court did not err when it confirmed the arbitration award in favor of Konrad because the arbitrator did not exceed his powers when he decided the issue submitted. View "Konrad v. Stoebner" on Justia Law