How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Jane T (LLC) Your Own Question
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
2911261
Type Your Business Law Question Here...
Jane T (LLC) is online now
A new question is answered every 9 seconds

Discuss the reasoning of the court in the case of Itek Corp.

This answer was rated:

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



See: http://www.lectlaw.com/files/lws49.htm

DearCustomer

 

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.

Jane T (LLC) and other Business Law Specialists are ready to help you