TITLE

Agreements to Agree and Letters of Intent

AUTHOR(S)
Lichstein, Toni C.; Spehr, Richard A.
PUB. DATE
September 1994
SOURCE
Marketing Management;Fall94, Vol. 3 Issue 2, p48
SOURCE TYPE
Periodical
DOC. TYPE
Article
ABSTRACT
This article focuses on how contractual negotiations become enforceable in the U.S. Contracts can take many different forms. To be enforceable, a contract does not necessarily need to be an extensive written document signed by all parties at a closing attended by lawyers and other advisers. Not all preliminary agreements are enforceable. An important concern for courts is to avoid trapping parties in surprise contractual obligations that they never intended. Although it is fundamental to contract law that mere participation in negotiations and discussions does not create binding obligations, business executives should recognize that they may voluntarily assume certain obligations even if they do not reach a final, enforceable agreement.
ACCESSION #
9411181696

 

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