We agree with Special Term that the parties did not intend to be bound until the execution of a formal written agreement. This is clearly reflected in their exchange of correspondence. Plaintiff's letter, dated August 17, 1983, confirmed "our agreement in principal to purchase Prestoseal Manufacturing Corporation * * * effective 30 days after signing an official contract between Prestoseal and us," which letter was never signed by defendant. On August 31, 1983, defendants...
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