222 N.Y. 88 (1917) One-Sentence Takeaway: In exclusive agency or output/requirements contracts, courts will imply a promise to use reasonable efforts to make the deal work, even if not specifically stated in the contract. Summary: Defendant (Lucy), an influential fashion guru, employed Plaintiff (Wood) to help her market her appeal. Plaintiff was to have exclusive rights […]
Articles Tagged: formation of contracts
Adequate Consideration
The return that a promisor receivers for his or her promise, where all contracting parties receive each other’s promises as consideration for their own.
168th and Dodge, LP v. Rave Reviews Cinemas, LLC
501 F.3d 945 (8th Cir. 2007) One-Sentence Takeaway A binding contract is not formed by a preliminary agreement which sets forth the terms of a potential future agreement. Summary Plaintiff commercial real estate developer and Defendant movie theater operator exchanged letter of intent that outlined the terms that would be controlling Defendant’s opening of a […]