John was indebted to Stan on a loan for $1,000.Stan assigned John's promise to pay to Bob.
-Lev and Drew have been negotiating verbally and in writing concerning the purchase by Lev of a number of items manufactured by Drew's company.All of the material terms of the contract have been agreed.Lev insists that they have reached only the stage of having an agreement in principle but Drew says they have a binding contract.If one of the terms they agreed upon verbally was that they would execute a written contract,the court will hold that a contract does exist.

Question

Quizplus · Accepted Answer

If the parties agreed that a written contract would be executed, it indicates that they did not intend to be bound until the written contract was signed. Therefore, the court is likely to hold that no binding contract exists until the written agreement is executed.

John Was Indebted to Stan on a Loan for $1,000