Explicit Terms Don't Make Agreements Binding: Court

Law360, New York (February 4, 2010, 5:41 PM EST) -- The Canadian Imperial Bank of Commerce is off the hook in a $45 million breach of contract suit brought against it in New York state court by a group of plaintiffs that accused the bank of reneging on loan agreements and a pact to refinance existing debts.

The New York Supreme Court, Appellate Division, found Thursday that a lower court had erred in denying CIBC's motion to dismiss the claims, determining that the alleged agreement contained enough language referring to future negotiations to make it nonbinding....
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