Parties to commercial/business transactions are no doubt familiar with “term sheets”, “letters of intent”, “memoranda of understanding” and “agreements in principle”. As the parties to these documents know, they outline …
Insurance. It is an important part of life. People buy insurance for many reasons, such as for the protection of their health, auto, business and home. The expectation is that …
Commercial contracts often include a liquidated damages clause that provides for the payment of a predetermined amount of damages in the event of a breach by one of the parties. …
In March of this year, this Blog wrote about the voluntary payment doctrine (here) and how it is alive and well in New York. On November 15, 2018, the Appellate …
This Blog has previously written about the enforceability of informal agreements. (Here, here, here, and here.) In that regard, we have noted that an exchange of term sheets, memoranda of …
There are times when a party to a contract wants to be excused from the obligations set forth in their agreement. Under New York, the circumstances under which a court …
Contract provisions containing deadlines for giving notice of an event or occurrence, such as a claimed default, are key parts of commercial transactions. These provisions vary from contract to contract, …
One of the first things students are taught in law school is that, to be valid, a contract must be supported by consideration. In Reddy v. Mihos (April 17, 2017), …
Sometimes in litigation, the facts get in the way of the desired results. Such was the case for the defendant in Age Group, Ltd. v. Martha Stewart Living Omnimedia, Inc. …
The Basics A contract is an agreement between two or more parties to do something (e.g., provide goods or services) in exchange for a benefit. When one or more parties …
