E-mailing and instant messaging are among the most common forms of informal communication. Not surprisingly, parties considering an agreement often exchange offers and counteroffers via e-mail (and, to a lesser extent, instant messaging). The parties may believe that these informal electronic exchanges are for negotiation purposes only. But such communications can lead to the formation of valid contracts.
Should e-mails and instant messages constitute a binding written settlement agreement? Would these offers and transactions hold up in the court of law?