Oral discussions at a partnership dissolution meeting, even where parties express agreement on a proposed figure and broad terms, do not constitute a binding contract where: the transaction is complex and involves multiple entities and trust structures; one alleged party was absent and had not authorised the others to bind him; the price for distinct categories of property is unascertainable; and the discussions contemplate further steps including formal documentation, journal entries and adjustments.
The full text is available to signed-in members, including the 9 later cases that cite this judgment.
1 of the 9 citing cases carry a classified treatment. How each court treated it is available to signed-in members.