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Unformatted text preview: prospective tenant, pursuant to a detailed letter of intent, to negotiate with prospective tenant and to withdraw the lease premises from the marketplace during the negotiation, can bind the owner for a reasonable period of time where the prospective tenant has expanded significant sums of $ in connection with lease negotiations and preparation and where there is evidence that a letter of intent was of significant value to the property owner. Yes. Channels execution and tender of the letter of intent conferred a bargain for benefit on Grossman which was valid consideration for Grossmans return promise to negotiate in good faith. Also found that sufficient specificity existed to form a valid contract. An agreement to negotiate in good faith is considered a contract when: 1) both parties manifest an intention to be bound by its terms 2) the terms are definite enough to be enforced 3) and there is consideration for both parties....
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This note was uploaded on 06/15/2009 for the course LAW 577 taught by Professor Staff during the Spring '08 term at University of Arizona- Tucson.
- Spring '08