... left to negotiate then there would be no contract at all. If the law does not recognise a contract to enter into a contract (when there is a fundamental term left to be agreed) it seems to me it cannot recognise a contract to negotiate. The reason is it is too uncertain to have any binding force. No court could estimate the damages because no-one can tell whether the negotiations would be successful or fall through; or if successful, what the result would be. It seems to me that a contract to negotiate, like a contract to enter a contract, is not a contract known to the law. It is very difficult to make generalisations in this area but it seems courts look for substantial agreement between the parties and, if this is present, it accords with commercial practice that some points may be left out for future resolution without vitiating the ...

See this essay or coursework document in full right now