An Agreement Is Binding If

This is the most fundamental form of the agreement: the parties do not have a binding contract, but agree to continue their negotiations with a view to reaching an unspecified future agreement that will form the basis of their contract. Common examples are companies in which “the parties agree to negotiate in good faith to enter into a contract between them for the sale of the asset.” For the most part, they did not agree on anything other than to keep talking. Such simple agreements are not applicable: the court will not impose either the negotiation process or the conclusion of a contract. These rules apply subject to agreements to the contrary. . . . .