Ask a Business Lawyer. Get Business Law Questions Answered ASAP.
I worked on this answer for you the first time, and the answer is correct. The question "So is that what happened in Itek?" does not seem to say the answer is wrong, it merely asks for more information (or at least seems to ask for more information).
The answer is, yes, that is what happened in Itek. The facts show that after long negotiations, P and D signed a letter of intent that said they would both "make every reasonable effort to agree upon and have prepared as quickly as possible" acontract so that P would buy D. However, shortly after this agreement, a third company offered D a higher price and D terminated the agreement saying it was due to "unforeseeable circumstances". The court said D could not do that because the letter of intent it signed was a contract that required it to act in agreement with the agreement to sell to P and that it could not change its mind simply because it got a "better offer." That was not acting in a way to "make every reasonable effort to agree" and was, in fact, a breach. Even though all terms, such as price and time had not been agreed upon, the parties had agreed on the essential term that P would buy D and that was binding.
MS. Jane T . I think you help me with another assignment. That I need help with I posted it. Can you please go back and look when you have the time I need that by tomorrow too the date on it should be 12/4/08. I really apprecaite it.
Thank you so much
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).