What is the test for establishing a valid and binding contract?
"New York", United States of America
The following excerpt is from Mandarin Trading Ltd. v. Wildenstein, 16 N.Y.3d 173, 2011 N.Y. Slip Op. 00741, 919 N.Y.S.2d 465, 944 N.E.2d 1104 (N.Y. 2011):
(1) the existence of a valid and binding contract between other parties, (2) that the contract was intended for [its] benefit, and (3) that the benefit to [it] is sufficiently immediate ... to indicate the assumption by the contracting parties of a duty to compensate [it] if the benefit is lost ( Mendel v. Henry Phipps Plaza W., Inc., 6 N.Y.3d 783, 786
[811 N.Y.S.2d 294, 844 N.E.2d 748]
[2006] ).
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