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Michael Hoenig, a member of Herzfeld & Rubin, reviews a recent First Department decision which reminds practitioners about the point at which a negotiated settlement becomes an enforceable contract, in turn requiring consideration of fundamental aspects of contract law: offers, acceptance and consideration. These factors can prove to be pivotal, particularly when a settlement is being negotiated while proceedings are ongoing or where a compromise is being forged while a court decision is awaited. In such circumstances, if the settlement is not nailed down and the litigators are, in effect, trying to shoot at a moving target, then, when some court ruling issues which changes the leverage in favor of one side, that party may try to renounce any claimed agreement.
April 13, 2009 at 12:00 AM
1 minute read
Presented by BigVoodoo
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