Enforceability of Indefinite Terms in Real Estate Contracts
Partner Todd Soloway, head of Pryor Cashman’s Real Estate Litigation Practice, and associate Eric Dowell, co-authored the New York Law Journal article entitled “Enforceability of Indefinite Terms in Real Estate Contracts.”
In today’s fast moving transactional environment, investors and other players in the real estate market are under pressure to close deals quickly, but transactional documents often leave terms open and undefined and subject to the whims of third parties not involved in the transaction. When those obligations are performed, there is no controversy. But what happens if it becomes impossible to meet an obligation or a party simply fails in its performance?
With the help of recent cases, the authors illustrate what objective criteria makes a contract sufficiently definite for a court to ascertain the parties' intent with relative certainty.
To read the article in its entirety, please click here.
