Contracting Accidentally Through Preliminary Agreements

Law360, New York (March 16, 2017, 1:30 PM EDT) -- Abraham Lincoln is credited with the observation that calling a calf’s tail a leg does not mean the calf now has five legs. The calf’s tail does not change its nature or function simply because we decide to call it a leg. In the same way, a writing that objectively manifests agreement on all essential terms may well be a contract despite efforts to label it otherwise. Indeed, one of the more litigated issues in transactional law is whether parties to a writing evidencing preliminary intent...
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