Agreements To Agree: Breacher Beware

Law360, New York (October 25, 2013, 12:29 PM EDT) -- Many merger and acquisition transactions involve early-stage term sheets or letters of intent, which provide for the parties to negotiate all or a portion of a proposed transaction in good faith. While these so-called “agreements to agree” are not new, several recent decisions suggest that, just as good whiskey may go down easily in the evening but pack a punch in the morning, agreements to agree entered into early in a transaction may result in a particularly long and painful hangover.

Although courts in a number...
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