Lionut wrote:Blue In BC wrote:
Did they give you this example?
NMS >>>>>>>>>>>>> O's >>>>>>>PP
NMS <<<<<<<<<<<<<$16M + <<<< PP
This was one of the largest sports contracts of it's day and was a legal and binding contract written on a napkin.
Recognize it? When put to paper in detail it was a 130 + page document.
Lawyer was Robert Worthington if that helps.
OK, how long do you plan on keeping us hanging until you give us the story?
![Wink :wink:](./images/smilies/icon_wink.gif)
Oh, sorry. That was intended mostly from Diane.
This was the sale of the Edmonton Oilers by Nelson Martin Skalbania to Peter Pocklington for $16 M +.
My contract law prof was Pocklingtons' lawyer at the time.
As I said, it was written on a napkin on a flight across Canada. One of the interesting issues, was that it became necessary to determine WHERE the plane was ( in flight ) when the contract was signed because it was done on a Sunday. Provinces have different laws which may have prohibited certain contracts from being legal on a Sunday.
For a contract to be formed, it is not necessary for an exact amount of money to be deterimined to make it binding. What is necessary is an agreement in principle. The KEY being INTENT.
When this agreement was worked out in detail, it was represented by a 130 + page legal document. However as the lawyer mentioned, it was binding at the time the draft was written on the napkin.