Marketplace Holdings, Inc. v. Camellia Food Stores, Inc., 64 Va. Cir. 144

Summary

Plaintiff corporation claimed that defendant corporation breached the letter of intent by failing to timely review drafts of the stock purchase agreement. Plaintiff corporation alleged that a stock purchase agreement would have been executed if defendant corporation had negotiated in good faith. The trial court held that it was pure speculation to believe a stock purchase agreement would have been executed if the parties negotiated in good faith. Plaintiff corporation's request that the trial court create a new cause of action of breach of an agreement to negotiate was rejected. Plaintiff corporation alleged sufficient facts to support its allegations of breaches of the non-solicitation and confidentiality provisions of the letter of intent, which were binding on the parties. However, the ad damnum clause did not request a specific amount of damages. Compliance with plaintiff corporation's subpoenas and discovery requests would not be required until plaintiff corporation stated ...