An Oral Contract Isn’t Worth the Paper It’s Written On - Or Is It?

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About This Course

Most lawyers enter contract negotiations aspiring to achieve a fully signed agreement containing all material terms. But many business relationships – particularly in the media and entertainment world – proceed in the absence of fully signed agreements. Why do sophisticated industry people use short-form and unsigned long-form agreements? Do these agreements create binding contractual obligations? What tests do courts use to answer this question? And what risks do the parties take? Frankfurt Kurnit founding partner Tom Selz provides an important refresher course on the fundamental principles that underlie our transactional work. Topics include:
• A review of common short form documents and oral agreements
• Deciphering the parties’ intent to be bound (or not to be bound)
• Identifying material terms
• Scope of the obligation to negotiate in good faith
• Effect of partial performance
• Promissory Estoppel, Quantum Meruit, and other alternative contract theories
• Special considerations in pitch situations
• Drafting tips

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