“A draft contractual agreement to install equipment in a factory, which was never executed as the work was commenced, completed and partly paid for during the negotiations, took effect as a binding contract as the essential terms had been agreed and neither party had intended agreement of the remaining terms to be a precondition to a concluded contract. Although the draft agreement contained a clause stating that the contract was not effective until it was executed, it was possible for parties to waive such a clause and, on the facts, these parties had done so.”
WLR Daily, 11th March 2010
Source: www.lawreports.co.uk
Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.
