« Reply #31 on: July 09, 2015, 01:03:25 PM »
(1) Since players could not reach a final agreement during this time, there is no basis for such a lawsuit. If you can't reach a binding final agreement due to the league rules, you can't sue on the basis of reaching a binding final agreement.
You can't have a binding verbal contract in Texas under the circumstances, either. All contracts that can't be fully performed within one year must be in writing. This is known as the "statute of frauds".
If Mark Cuban tried to argue that it was an equitable issue, rather than a contractual one, the defense would rightfully argue that Cuban had no basis to substantially rely upon Jordan's agreement to terms, because under league rules there can be no binding contracts until after July 9. Courts -- let alone arbitrators -- won't enforce a contract in equity that violates written rules the parties are bound by.
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Promissory estoppel avoids the traditional statute of frauds when the alleged oral promise is to sign an existing document that satisfies the statute of frauds. See Nagle, 633 S.W.2d at 800 (discussing contract for sale of real estate provision of section 26.01); Exxon Corp. v. Breezevale Ltd., 82 S.W.3d 429, 438 (Tex. App.-Dallas 2002, pet. denied) (same); see also Birenbaum, 971 S.W.2d at 504 (promissory estoppel avoids statute of frauds only if oral promise “was to execute a document in existence that itself complied with the statute”; discussing statute of frauds formerly applicable to purchase of securities)."
I think you could reasonably argue that Dallas can't reasonably rely on a promise to form a contract during a period in time when Dallas and Jordan can't actually sign a contract.

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