Late last month, in a unanimous decision written by Judge Jenny Rivera, the Court of Appeals clarified the circumstances in which New York courts will find that parties have a binding and enforceable agreement in the absence of a final written contract.
Background
In Stonehill Capital Management v. Bank of the West, the Court of Appeals found that defendant Bank of the West (BOTW) had entered into a binding agreement and was liable for breach despite the fact that its acceptance of a bid was expressly subject to the execution of a final agreement and despite the fact that BOTW expressly reserved the right, in its sole and absolute discretion, to withdraw from sale any or all of the assets it had offered to sell.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
