No deal

In Anubis Pictures LLC v. Selig, a dispute about the development of a screenplay, two terms from an early-stage NDA were key to resolving it:

As to the parties’ relationship: “Neither party is bound to proceed with any transaction between the parties unless and until both parties sign a formal, written agreement setting forth the terms of such transaction. At any time prior to the completion of such a formal, written agreement, either party may terminate the Discussions and refuse to enter into any subsequent transaction, for any reason or for no reason, without liability for such termination, even if the other performed work or incurred expenses related to a potential transaction in anticipation that the parties would enter into a formal, written agreement regarding such transaction.”

As to the documents shared: “To be covered under the terms of the NDA, confidential information disclosed in written form was required to be marked confidential on its face. Any oral statement intended to be confidential had to be clearly designated as such by the disclosing party.”  No. 05-19-00817-CV (March 3, 2021) (mem. op.).