Contract Formation, Oral Contracts

DEAL OR NO DEAL

Fox Rothschild LLP on 11/8/2024

Not just the name of the television show on NBC, Deal or No Deal is the question many attorneys are asking, as well as being asked by their clients, regarding transactions that are being made with companies and other...more

Speak Carefully When Doing Business Abroad

Felicello Law PC on 3/4/2022

How many times has a CEO or another executive reached a deal “in-principle” with a non-U.S. company by telephone or over a lunch or dinner meeting? Mostly likely, the dealmaker walks away from the meeting thinking that the...more

ABA California Lending Law- Section X

Buchalter on 8/12/2015

A. Loan Commitments - Under California law, a loan commitment, which is commonly set forth in a commitment letter, is binding on a lender only if the commitment letter contains all of the material terms of the loan and...more

Avoid the Oral Agreement

Gray Reed on 12/5/2014

Cresson SWD Services, L.P. vs. Basic Energy Services, L.P. is a warning about the perils of an oral agreement for a risky downhole procedure. Cresson hired Basic to make improvements on a saltwater disposal well by deepening...more

Second Circuit: Oral Agreement to Pay Commissions Not Barred by Statute of Frauds

Hinshaw & Culbertson LLP on 11/7/2014

A recent opinion from the Second Circuit Court of Appeals reaffirms that the Statute of Frauds will not void an oral agreement to pay commissions if the agreement lacks a fixed duration. In Kroshnyi v. U.S. Pack...more

If It’s Not In Writing, It Didn’t Happen: Oral Promises To Modify A Loan Are Not Enforceable

Sheppard Mullin Richter & Hampton LLP on 1/31/2014

A recent decision issued by the California Court of Appeal will make it more difficult for plaintiffs seeking to avoid foreclosure. In Rossberg v. Bank of America, N.A., 219 Cal.App.4th 1481 (4th Dist. 2013), the California...more