Parties negotiating settlement of a commercial dispute may be immediately bound by a settlement agreement reached through their CEOs, even where the agreement contemplates later formalisation in a deed, where the objective evidence demonstrates an intention to be bound before formal execution. The arrangement for exchange of counterparts of a deed does not necessarily negative a concluded contract reached before that exchange. A history of frustrated negotiations where prior agreements were disavowed is a significant factor supporting an inference of intention to be immediately bound.
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