This Note addresses the problems created by Pennzoil and the use of agreements in principle in the area of mergers and acquisitions.
Part II discusses the relevant law on agreements in principle formed before entering into the formal contract contemplated by the parties.
Part III analyzes in depth the problems associated with agreements in principle in mergers and acquisitions.
Finally, Part IV suggests three possible solutions that, if adopted, could avoid the problems discussed in Part III.
Christopher M. Goffinet,
The $10.53 Billion Question--When Are the Parties Bound?: Pennzoil and the Use of Agreements in Principle in Mergers and Acquisitions,
40 Vanderbilt Law Review
Available at: https://scholarship.law.vanderbilt.edu/vlr/vol40/iss6/6