Question: X and Y, two CEOs, concluded a prolonged negotiation in which X was to sell his business to Y's company. They put together and signed

  1. X and Y, two CEOs, concluded a prolonged negotiation in which X was to sell his business to Y's company. They put together and signed a document called "Memo of Understanding," which laid out the terms agreed to. That document included the following language: "Formal agreement to be signed by the end of the month." Once X and Y brought their lawyers more fully into the matter, they found plenty to disagree about, and the deal never when forward. X wanted this to happen much more than Y. Discuss.

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