Considering the rights of parties involved in a soured business relationship, Judge Kaplan reiterated that a binding contract requires an agreement on the material terms and an intent to be bound. A term sheet that does not represent an attempt to formalize an already established agreement is not an enforceable contract.
Posts in Breach of the Covenant of Good Faith and Fair Dealing.
Ousted Partner Gets Burned: No Breach of Contract Liability Where Parties Failed to Agree on Material Terms
Posted in Breach of Contract, Breach of Fiduciary Duty, Breach of the Covenant of Good Faith and Fair Dealing
Justice: Justice Kaplan