Following lengthy negotiations for the acquisition of cable television rights to the 2016 Olympics, Alice and Bruce sign the following document:
Heads of Agreement – Cable Television Rights
This document records the completion of negotiations of the Heads of an Agreement by virtue of which Alice and Bruce agree to execute a formal contract which gives effect to each of the terms set out below.
Alice decides that the price is too high and refuses to comment on a draft of the formal contract prepared by Bruce’s solicitors. The draft in fact contains a large number of additional terms, including an obligation that Alice spend no less than $2 million in promoting the telecast and obtaining sponsors.
Advise Bruce whether he has any contractual rights against Alice.
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