Court Of Chancery Explains Essentials Of An Enforceable Contract
Posted In Breach of Contract
Pharmathene Inc. v. SIGA Technologies Inc., C.A. 2627-VCP (November 23, 2010)
When is a letter of intent or term sheet an enforceable contract? Delaware says it is enforceable when the parties intend to be bound and when the agreement contains "all essential terms." Exactly what all that means is often disputed. This decision summarizes case law in a manner that will help to resolve this important question.
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