Sample Letter Of Intent To Transfer Some sort of famous example often offered by legal scholars, must have been a case involving the Getty Olive oil and Pennzoil in extremely early 1984. The get-togethers had signed a “Memorandum of Agreement” – read by the parties at the time as a Correspondence of Intent – to get a complex investment and commodity transaction, whereby Pennzoil will purchase Getty Oil investment, and set forth general the investment that had been reached with conversations, and also stipulated that this Memorandum was subject to an approval of the Board of Getty Oil. The Board associated with Getty Oil sooner authorized the transaction and each announced on January four, 1984 in a press release, a “agreement in principle” towards the terms of the Memorandum.
Sample Letter Of Intent To Transfer The final legal agreements for the merging of Texaco and Getty Oil had been signed by the parties on The month of january 6 – 8. Still during the same period, about January 6, another necessary oil company, Texaco, came into the image as it publicly announced in which Texaco and Getty Acrylic would merge. Pennzoil protested the proposed merger, and also Getty Oil filed the law suit for the court to help issue a declaratory common sense that it was not bound by means of any contract it had using Pennzoil.