Texaco v. Pennzoil II
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| Texaco v. Pennzoil II | |
| Court | Court of Appeals of Texas, Houston, (1st Dist.) |
|---|---|
| Citation | 729 S.W.2d 768 (1987) |
| Date decided | 1987 |
| Related | Texaco v. Pennzoil Texaco v. Pennzoil III |
Facts
Same as Texaco v. Pennzoil.
Issues
Whether the parties intended to be bound or not.
Reasons
If there is no understanding that a signed writing is necessary before the parties will be bound, and the parties have agreed upon all substantial terms, then an informal agreement can be binding, even though the parties contemplate evidencing their agreement in a formal document later.
