Practice point: The handwritten memorandum
executed following mediation between the parties was a binding and
enforceable settlement agreement, and not merely an agreement to agree.
The memorandum's plain language expressed the parties' intention to be
bound, and established a meeting of the minds regarding the
material terms pertaining to the settlement of plaintiff's claim for
unpaid deferred compensation.
Student note: The agreement was not rendered
ineffective simply because certain non-material terms were left for
future negotiation, or because it stated that the
parties would promptly execute formal settlement papers.
Case: Trolman v Trolman, Glaser & Lichtman, P.C., NY Slip Op 01396 (1st Dept. 2014).
Here is the decision.
Tomorrow's issue: Compelling discovery from a nonparty.
