Law Practice
Apr. 27, 2007
Bound by Intent
Focus Column - By Alan Yockelson - An ‘agreement to agree’ is not a contract. But a letter of intent can be. The leading case making that point shows that deal makers always must take care to negotiate in good faith when exploring even the potential for a deal.
By Alan Yockelson
Complex deals typically come burdened with a plethora of documents: contracts, pre-contracts, side contracts, letter agreements, proposals, bids, offers, counteroffers.
In complex real-estate transactions, the main contracts often are preceded by "letters of intent." But the question is, are those letters themselves enforceable contracts?
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