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http://nycourts.law.com/CourtDocumentViewer.asp?view=Document&docID=46633 Judge Owen PLAINTIFF CREATED a corporation to purchase and hold Alaska Industrial Hardware. Plaintiffs then entered into a commitment letter expressing the parties’ intent that “the Buyer and the Company, the Seller and its agent with?? exert every reasonable effort to negotiate and execute a definitive Agreement, in form and substance satisfactory to the respective parties and their attorneys.” The commitment also contemplated that “the transaction shall be subject to the execution and delivery of a definitive stock purchase agreement [SPA].” Individual defendant, an officer and the majority shareholder of the corporation, personally initialed each page of the document. Although individual defendant subsequently refused to sign the SPA, the instant court found the existence of a binding obligation on his part to sign under the doctrine of promissory estoppel. The court concluded, therefore, that the contract is a valid contract for the sale even absent the individual defendant’s signature.

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