A Canadian Multinational Was Interested in Developing a Market in a Third-World

A Canadian multinational was interested in developing a market in a third-world country, which had once been communist, and was moving to a free enterprise system. It negotiated with the government to buy and resurrect the fledging state-owned automobile industry. After presenting a contract under seal, the company got "cold feet" and decided to back out of the deal. The contract will be enforced against the company because the application of a seal together with a signature is considered to represent consideration for the contract.