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Jane T (LLC)
Jane T (LLC), Attorney
Category: Business Law
Satisfied Customers: 8435
Experience:  Worked in corporation's law department; business formations, formalities, and other business matters
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Discuss the reasoning of the court in the case of Itek Corp.

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Discuss the reasoning of the court in the case of Itek Corp. v. Chicago Aerial Industries, Inc. (1968)




The facts in the case indicate that the parties had "mutually assented" (an element of a binding contract that shows a "meeting of the minds has occurred") and that both, therefore, had already said they would let P buy D. Although certain parts of a contract may not be fully negotiated, such as date or price, when there is sufficient evidence that an agreement (a basic offer and acceptance) have been made, a court will hold that a contract existed, even if all terms were not fully yet agreed upon. It was a breach for D to violate that agreement and cancel the purchase by P.

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