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UNITED CAPITAL REAL ESTATE DEVELOPMENT CORP. v. SAHARA US CORP.

10825, 155910/18.

179 A.D.3d 540 (2020)

114 N.Y.S.3d 226

2020 NY Slip Op 00388

United Capital Real Estate Development Corp., Appellant, v. Sahara US Corporation et al., Respondents, et al., Defendants.

Appellate Division of the Supreme Court of New York, First Department.

Decided January 21, 2020.

While the parties' memorandum of understanding (MOU) does contain the material terms for the transaction, it is not a binding agreement because it expressly contemplates the negotiation of both an escrow agreement and purchase and sale agreement (see Argent Acquisitions, LLC v First Church of Religious Science, 118 A.D.3d 441, 444-445 [1st Dept 2014]). Regardless, the correspondence between the parties regarding whether plaintiff...

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