https://www.taxtmi.com/caselaws?id=308999 A memorandum of understanding was held, prima facie, to be a binding contract because the essential terms were settled, the definitive forms were annexed, and the parties acted on the arrangement, leaving no substantial matters for further negotiation. Interim protection was also warranted pending arbitration because the relief sought was preservation of the subject matter, damages were not an adequate remedy for the unique commercial opportunity involved, and the right to terminate had, prima facie, been waived by conduct. On the material before the Court, the termination was found to be without justification and, prima facie, arbitrary and illegal, so status quo protection was continued pending the arbitral award. en-us Tue, 14 Aug 2012 00:00:00 +0530 Sat, 05 Aug 2023 12:23:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=308999 A memorandum of understanding was held, prima facie, to be a binding contract because the essential terms were settled, the definitive forms were annexed, and the parties acted on the arrangement, leaving no substantial matters for further negotiation. Interim protection was also warranted pending arbitration because the relief sought was preservation of the subject matter, damages were not an adequate remedy for the unique commercial opportunity involved, and the right to terminate had, prima facie, been waived by conduct. On the material before the Court, the termination was found to be without justification and, prima facie, arbitrary and illegal, so status quo protection was continued pending the arbitral award. Case-Laws Indian Laws Tue, 14 Aug 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=308999