Question
You, as the CEO, decided to sell your firm to XYZ Corporation for $1.2B. Both sides came to agreement in principle per the pending sale
You, as the CEO, decided to sell your firm to XYZ Corporation for $1.2B. Both sides came to "agreement in principle" per the pending sale and both had an exit clause that allows either to back out the sale within 30 days after agreeing to the sale in principle. 20 days after the agreement in principle, COVID-19 exploded and XYZ backed out of the deal. 30 days later, you find another buyer and ended up selling the firm to ABC Corporation for $1B. Could your firm successfully maintain a breach of contract cause of action against XYZ and why/why not? Could your firm successfully maintain a restitution cause of action against XYZ and why/why not?
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