Unfortunately, when negotiations between the parties break down, letters of intent are often at the center of litigation.[2] In perhaps the most famous example of litigation around the enforceability of a letter of intent, Pennzoil won a judgment against Texaco for $10.5 billion, and Texaco was forced to seek bankruptcy protection.[3] Despite the legal risks, companies continue to use letters of intent. [read post]

Texaco, Inc., 481 U.S. 1, 17 (1987). [read post]

Texaco, Inc., 481 U.S. 1 (1987) (dealing with statute judicial proceedings); and that provides an adequate opportunity for the federal plaintiff to advance his federal constitutional challenge. [read post]