Dalton v. Robert Jahn Corp.
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Opinions
[123]*123BRE IT IIAUP T, J.
pro tempore
This case arises from a dispute between members of the Jahn family, primarily over control of the Robert Jahn Corporation. Defendant Opal Jahn appeals a decree of specific performance granted by the circuit court, arguing that a settlement agreement signed by the parties is too indefinite to be enforced by that decree. Opal Jahn’s daughter, Pamela Dalton, a plaintiff in this case, disagrees, claiming that the settlement agreement is sufficiently definite. We affirm.
Because this is an action in equity, our review is de novo, ORS 19.415(3); Hughes v. Misar, 189 Or App 258, 260, 76 P3d 111 (2003), rev den, 336 Or 615 (2004), although we place “great reliance” on the trial court’s determinations regarding the credibility of witnesses. Povey v. Clow, 146 Or App 760, 765, 934 P2d 528 (1997). In 1980, Opal Jahn and her husband Robert Jahn formed a lumber company, the Robert Jahn Corporation (RJC), the corporate stock of which became owned by themselves and each of their children: Pamela Dalton, Teresa Gitomer, Linda Chertudi, and Chester Jahn.1 In 1992, Opal and Robert transferred their RJC shares to the Jahn Living Trust. The trust held those shares until Robert’s death in 1996, at which point the trust was divided into two new trusts (the Opal Jahn Marital Trust and the Jahn Family Credit Shelter Trust), each of which held approximately half of the RJC shares previously held by the Jahn Living Trust. Under the terms of the new trusts, Opal, as trustee, exercised sole control over the RJC shares held by each trust. Through the trusts, Opal controlled a bare majority of RJC’s stock. Opal also became the president, secretary, and sole director of RJC.
Subsequently, a dispute began over the future of RJC’s assets and business. Particularly contentious was a proposed business deal known as the “Ten Mile” transaction, in which Chester apparently proposed to mortgage land or harvest and sell timber owned by RJC in order to buy property in southern Oregon; Chester’s company, Superior Tree Stewards, Inc., was allegedly involved in the deal. Pamela [124]*124thought the transaction would deplete RJC’s assets and sought an injunction against it. Separately, Teresa brought suit regarding her 1995 sale of her RJC shares to RJC. She claimed that the sale should be rescinded, or that it was subject to a right to repurchase, which she was prepared to exercise. Opal, Chester, and RJC were defendants in both suits; Superior Tree Stewards, Inc., was also a defendant in Pamela’s suit.2
The trial court suggested that the parties attempt to reach a settlement and, when they agreed to do so, appointed William Richardson, a former Chief Judge and current Senior Judge of this court, to preside over the parties’ settlement negotiations.3 Richardson conducted two settlement conferences in July and August 2000, during which a proposal developed to split RJC into several corporations. Whereas Pamela’s attorney, Feibleman, favored a plan that would have ended in four corporations, each to be headed by one of the Jahn children, Opal’s attorney, Brink, drafted documents that would split RJC into five corporations, one of which would still be headed by Opal. The Jahn family members had questions about the tax implications of both plans, so Feibleman asked a specialist in tax and business law, Jennings, to present a reorganization plan at a third settlement conference on September 12, 2000.
All of the Jahn family members were present at that conference with their attorneys except Linda, who had no attorney, and Teresa, who participated via telephone but whose attorney was present. Richardson made it clear that anyone could enter a side room for private discussions at any time, that anyone could ask any question at any time, and that anyone could propose any settlement terms at any time. All of those options were utilized by the Jahns and their attorneys during the conference.
[125]*125Jennings gave a detailed presentation of a plan to use a device known as a divisive reorganization to effectively split RJC into four separate corporations: RJC and three newly formed corporations. Each corporation would be headed by one of the Jahn children and each child would control a bare majority of the stock in his or her corporation. The remainder of the stock of each of the four corporations would be in Opal’s control through the two trusts, each of which would own nearly equal shares in each child’s corporation. The property owned by RJC would effectively be split among the four corporations in roughly equal parts. To the degree that those parts were not equal, the four corporations would grant each other timber deeds, lot line adjustments, or cash payments to equalize the value of each corporation. Moreover, each corporation would pay Opal an equal lifetime consulting fee to cover her living expenses consistent with her then-current standard of living. Each corporation would also share equally the costs of Opal’s health and long-term care needs. At Opal’s death, the shares in each corporation held by the Jahn Family Credit Shelter Trust would go to the child who controlled that corporation.4 Finally, the shares in each corporation held by the Opal Jahn Marital Trust would be subject to a redemption agreement by which each corporation would buy those shares from the trust at the time of Opal’s death; the proceeds of that redemption would be distributed in accordance with Opal’s estate plan, as she controlled ultimate distribution of the Opal Jahn Marital Trust.5
The goal of Jennings’s proposal was to divide RJC’s assets equally among the four corporations controlled by the Jahn children while minimizing adverse tax consequences and to ensure that Opal would be secure in her remaining [126]*126years and have sole control over the disposition of some assets (sale proceeds from the redemption of shares held by the marital trust). Except for Chester, who had indicated an unwillingness to agree to any of the plans discussed by the other parties, the Jahns shared those goals. Each of the Jahns, except Chester, reacted positively to Jennings’s proposal. The plan did not require Chester’s agreement because the other family members constituted a majority of RJC’s shareholders, Opal controlled a majority of its shares, and Chester would control RJC after the transfer of assets to the three newly formed corporations.
Following Jennings’s presentation, the parties began to discuss other terms that were important to them. Despite Chester’s reservations, he and his sisters proceeded to divide RJC’s properties among the four corporations, with Pamela’s corporation taking “the Orchard” and “the Flats,” Teresa’s corporation taking “Grandma’s Place,” Linda’s corporation taking the “Boys’ Place,” and RJC (Chester’s corporation) retaining “the Home Place.”6 Opal and her daughters (the settling parties) also agreed that Teresa would buy back her shares from RJC at the price it had paid for them in 1995, adjusted for any debts from her to RJC that RJC had forgiven. The price for the shares in each corporation held by the Opal Jahn Marital Trust, to be redeemed by the corporations on Opal’s death, would be their fair market value discounted to reflect minority interest and marketability.
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[123]*123BRE IT IIAUP T, J.
pro tempore
This case arises from a dispute between members of the Jahn family, primarily over control of the Robert Jahn Corporation. Defendant Opal Jahn appeals a decree of specific performance granted by the circuit court, arguing that a settlement agreement signed by the parties is too indefinite to be enforced by that decree. Opal Jahn’s daughter, Pamela Dalton, a plaintiff in this case, disagrees, claiming that the settlement agreement is sufficiently definite. We affirm.
Because this is an action in equity, our review is de novo, ORS 19.415(3); Hughes v. Misar, 189 Or App 258, 260, 76 P3d 111 (2003), rev den, 336 Or 615 (2004), although we place “great reliance” on the trial court’s determinations regarding the credibility of witnesses. Povey v. Clow, 146 Or App 760, 765, 934 P2d 528 (1997). In 1980, Opal Jahn and her husband Robert Jahn formed a lumber company, the Robert Jahn Corporation (RJC), the corporate stock of which became owned by themselves and each of their children: Pamela Dalton, Teresa Gitomer, Linda Chertudi, and Chester Jahn.1 In 1992, Opal and Robert transferred their RJC shares to the Jahn Living Trust. The trust held those shares until Robert’s death in 1996, at which point the trust was divided into two new trusts (the Opal Jahn Marital Trust and the Jahn Family Credit Shelter Trust), each of which held approximately half of the RJC shares previously held by the Jahn Living Trust. Under the terms of the new trusts, Opal, as trustee, exercised sole control over the RJC shares held by each trust. Through the trusts, Opal controlled a bare majority of RJC’s stock. Opal also became the president, secretary, and sole director of RJC.
Subsequently, a dispute began over the future of RJC’s assets and business. Particularly contentious was a proposed business deal known as the “Ten Mile” transaction, in which Chester apparently proposed to mortgage land or harvest and sell timber owned by RJC in order to buy property in southern Oregon; Chester’s company, Superior Tree Stewards, Inc., was allegedly involved in the deal. Pamela [124]*124thought the transaction would deplete RJC’s assets and sought an injunction against it. Separately, Teresa brought suit regarding her 1995 sale of her RJC shares to RJC. She claimed that the sale should be rescinded, or that it was subject to a right to repurchase, which she was prepared to exercise. Opal, Chester, and RJC were defendants in both suits; Superior Tree Stewards, Inc., was also a defendant in Pamela’s suit.2
The trial court suggested that the parties attempt to reach a settlement and, when they agreed to do so, appointed William Richardson, a former Chief Judge and current Senior Judge of this court, to preside over the parties’ settlement negotiations.3 Richardson conducted two settlement conferences in July and August 2000, during which a proposal developed to split RJC into several corporations. Whereas Pamela’s attorney, Feibleman, favored a plan that would have ended in four corporations, each to be headed by one of the Jahn children, Opal’s attorney, Brink, drafted documents that would split RJC into five corporations, one of which would still be headed by Opal. The Jahn family members had questions about the tax implications of both plans, so Feibleman asked a specialist in tax and business law, Jennings, to present a reorganization plan at a third settlement conference on September 12, 2000.
All of the Jahn family members were present at that conference with their attorneys except Linda, who had no attorney, and Teresa, who participated via telephone but whose attorney was present. Richardson made it clear that anyone could enter a side room for private discussions at any time, that anyone could ask any question at any time, and that anyone could propose any settlement terms at any time. All of those options were utilized by the Jahns and their attorneys during the conference.
[125]*125Jennings gave a detailed presentation of a plan to use a device known as a divisive reorganization to effectively split RJC into four separate corporations: RJC and three newly formed corporations. Each corporation would be headed by one of the Jahn children and each child would control a bare majority of the stock in his or her corporation. The remainder of the stock of each of the four corporations would be in Opal’s control through the two trusts, each of which would own nearly equal shares in each child’s corporation. The property owned by RJC would effectively be split among the four corporations in roughly equal parts. To the degree that those parts were not equal, the four corporations would grant each other timber deeds, lot line adjustments, or cash payments to equalize the value of each corporation. Moreover, each corporation would pay Opal an equal lifetime consulting fee to cover her living expenses consistent with her then-current standard of living. Each corporation would also share equally the costs of Opal’s health and long-term care needs. At Opal’s death, the shares in each corporation held by the Jahn Family Credit Shelter Trust would go to the child who controlled that corporation.4 Finally, the shares in each corporation held by the Opal Jahn Marital Trust would be subject to a redemption agreement by which each corporation would buy those shares from the trust at the time of Opal’s death; the proceeds of that redemption would be distributed in accordance with Opal’s estate plan, as she controlled ultimate distribution of the Opal Jahn Marital Trust.5
The goal of Jennings’s proposal was to divide RJC’s assets equally among the four corporations controlled by the Jahn children while minimizing adverse tax consequences and to ensure that Opal would be secure in her remaining [126]*126years and have sole control over the disposition of some assets (sale proceeds from the redemption of shares held by the marital trust). Except for Chester, who had indicated an unwillingness to agree to any of the plans discussed by the other parties, the Jahns shared those goals. Each of the Jahns, except Chester, reacted positively to Jennings’s proposal. The plan did not require Chester’s agreement because the other family members constituted a majority of RJC’s shareholders, Opal controlled a majority of its shares, and Chester would control RJC after the transfer of assets to the three newly formed corporations.
Following Jennings’s presentation, the parties began to discuss other terms that were important to them. Despite Chester’s reservations, he and his sisters proceeded to divide RJC’s properties among the four corporations, with Pamela’s corporation taking “the Orchard” and “the Flats,” Teresa’s corporation taking “Grandma’s Place,” Linda’s corporation taking the “Boys’ Place,” and RJC (Chester’s corporation) retaining “the Home Place.”6 Opal and her daughters (the settling parties) also agreed that Teresa would buy back her shares from RJC at the price it had paid for them in 1995, adjusted for any debts from her to RJC that RJC had forgiven. The price for the shares in each corporation held by the Opal Jahn Marital Trust, to be redeemed by the corporations on Opal’s death, would be their fair market value discounted to reflect minority interest and marketability. Because Opal would continue to live in a home on the Home Place, which would continue to be owned by RJC (Chester’s corporation), the settling parties, including Opal acting for RJC, agreed to credit against RJC’s share of Opal’s consulting fee the fair market rental value of the home, which they believed was $650 per month, the amount that Opal paid RJC for rent. Lastly, the testimony indicates that the settling parties anticipated that they would act reasonably and in good faith to effectuate the proposal.7 They also agreed to rely on mutually agreed-upon appraisers and experts, as well as Jennings [127]*127and the other attorneys, to complete all the necessary steps to effectuate the agreement.
After those details of the settlement proposal had been discussed, Richardson met privately with Opal and her attorney, Brink, to ensure that Opal understood the proposal and to gauge her interest in signing an agreement. Richardson and Brink thoroughly explained the terms of the proposal to Opal. Although Opal was not entirely happy with the proposal, she appeared inclined to agree to it. Richardson then asked the entire group whether they were willing to settle the lawsuits on the terms they had discussed. Although the Jahn daughters were ready to do so, Chester was not, and Opal was reticent to make a final decision. Richardson told Opal that this was the time for her to make a decision, and asked her if she would settle even if Chester would not agree to the proposal. Opal said that she would and that Chester would “just have to live with it.”
To memorialize that oral agreement, Richardson went to the side room and drafted a document for the parties to sign. That document stated:
“Jahns Family
“It is agreed between the undersigned Jahns family members that the division of property rights, corporate shareholder rights and asset distribution shall be in principle as described in the diagram attached as Exhibit A which shall be part of this agreement. A majority of the family members shall be sufficient to authorize finalization of the proposed distribution, as long as the majority includes Opal Jahn.
“The agreement in principle shall be finalized in writing and shall include dismissal of pending law suits [sic] and mutual releases of liability for all claims.”
Exhibit A consisted of a drawing and text that Feibleman had copied by hand onto paper from what Jennings had written on a whiteboard during his presentation, as well as additional notes taken by Feibleman. In sum, Exhibit A included most of the terms on which the settling [128]*128parties had agreed and it looks substantially like the Appendix to this opinion.
Everyone had an opportunity to review the agreement drafted by Richardson and to propose any changes they wished or add any additional terms they felt were important, but no one did. In the end, Chester did not sign the agreement, although Opal, Linda, Pamela, and Teresa, through her attorney, Lodine, did.8 Afterwards, the mood in the room changed substantially: everyone except Chester was relieved that they had reached an agreement. Then everyone, except Richardson and Jennings, recessed for lunch. Jennings dictated his thoughts onto a tape, describing what steps would need to be taken to effectuate the agreement, including the hiring of appraisers and experts, the drafting of necessary documents, and other matters that would need to be resolved.
When everyone returned from lunch, Jennings played the tape, and the settling parties agreed that it accurately represented the terms by which they had bound themselves. Jennings, Brink, and Feibleman reassured everyone that the agreement could be effectuated even without Chester’s approval. The settling parties agreed that Jennings and Brink would hire the appraisers and draft the necessary documents and that they would be paid for those services by RJC, and not by the parties individually. That term was agreed upon because the settling parties felt that Jennings and Brink would be working for the “common good” and not for any one party in particular. In addition, it was agreed that Brink and Lodine would work together to determine the terms of Teresa’s buy-back of her shares. Finally, with regard to the redemption of the shares of the four corporations held by the Opal Jahn Marital Trust, the settling parties agreed that the purchase price of the stock would have to be paid within 15 years of Opal’s death.
The settling parties also discussed, but did not agree on, a total amount for Opal’s consulting fee, mentioning both $3,500 per month (an amount Opal had stipulated to earlier [129]*129in the litigation as her living expenses) and $4,000 per month, which they felt was fair and easily divisible by four. Although the settling parties discussed how to pay for each party’s attorney fees up to that day, they did not reach an agreement on that subject. Richardson scheduled another meeting for October 3, 2000, so that the Jahns could review drafts of the documents that would effectuate the agreement and so that everyone could be updated on the progress of matters. Afterwards, the conference ended.
The next day, Feibleman e-mailed a number of attorneys, stating that “[w]e have just settled a very difficult and complex [case,] and to complete the settlement” the parties would need to hire “experts” to appraise timber and property, a task as to which he solicited suggestions for appraisers. Later that day, Feibleman and Brink met to congratulate each other on reaching a settlement. In the days that followed, Feibleman forwarded to Brink the names of several appraisers, which Brink forwarded to Jennings. As Brink wrote to Jennings on September 18, “We have quite a list now, and you and I were delegated to put our heads together on the actual selection. I am happy to call each and get a feel for our ranges of cost, timing, experience, etc.” At the same time, Jennings, Brink, and the other attorneys involved with the settlement had begun work preparing the documents required by the agreement.
Despite that progress, potential obstacles to effectu-ation of the agreement remained. As early as September 13, Feibleman had expressed to Brink a concern that “Chester would try to get everything undone.” According to Feibleman, Chester had great influence over Opal and was pressuring her to frustrate the agreement. As Feibleman testified, Brink’s response was, “Don’t worry, it’s a done deal,” and that if Opal “tried to reverse herself [Brink] might not continue as her lawyer.” Similarly, in a September 14 e-mail to Brink, Feibleman again expressed his fear that “Chester is putting a full court press on Opal.” Feibleman concluded, “As far as I am concerned, this case is settled and witnessed by a Senior Judge and we are just drafting the documents. That is the legal part. We owe it to our clients to keep up the efforts to support the emotional reconciliation as well.” Along those lines, William Mehlhaf, who represented Pamela along with [130]*130Feibleman, wrote Brink that he was “being kept apprised of the progress of settlement discussion[s]” and that Pamela was “hopeful that a resolution consistent with last week’s agreement can be obtained in the near future.”9
As things turned out, Feibleman’s fears were well-founded. On September 16, Opal called Brink to express concern about the agreement reached just days before. Brink met Opal and attempted to explain the settlement but could not do so to her satisfaction. Although Brink knew Opal was not happy, he left the meeting feeling that the settlement could still go through and proceeded with the work he had previously begun. On September 20, Brink wrote Jennings requesting a status update and asking Jennings to remind him “how some of this fits together.” Brink also responded to Mehlhaf, emphasizing his understanding that “it is a process and, while concerns remain, no doubt on both sides, we are hopeful.” (Emphasis in original.)
On September 21, Brink wrote Opal a letter explaining that, despite the work being done on the settlement, “[t]here are a number of ways this might not come together yet.” Brink mentioned the ongoing discussions regarding Teresa’s buy-back, noting that he had given Teresa’s attorney, Lodine, “several of the components of the price, but he has not responded to me yet with a figure and the rest of the pieces of the outline will need to actually fit, which we will only learn after reading drafts of the documents. But we ought to see how far apart my documents are from the one you signed.”
On October 2, Jennings finally e-mailed his draft documents to the other attorneys working on the case. Jennings wrote that he had drafted the documents “with the assumption that Chester Jahn will sign them,” which was consistent with the other parties’ intentions and hopes that Chester would eventually sign on to the agreement. [131]*131Jennings’s e-mail continued that, if Chester “refuses to sign them, we will have to make some changes, including which he will not be included in the release agreement.” The draft documents that Jennings attached to his e-mail were a Settlement Agreement and Mutual Release, an Agreement for Corporate Separation, a Buy-Sell Agreement, a Consulting/ Long Term Care Agreement, and a Memorandum proposing to have RJC pay the costs of each party’s attorney fees through the September 12 settlement conference (a point on which the parties still had not agreed). The terms of the September 12 settlement agreement were reflected in the documents drafted by Jennings, as were additional terms designed to effectuate the agreement. The draft Settlement Agreement and Mutual Release also contained a clause stating that it and the other agreements “set forth the entire agreement among the parties and are intended to be final and binding upon them.”
On October 3, the parties met for the follow-up conference they had scheduled on September 12. That meeting did not last long because, soon after the conference began, Brink announced that Opal would not proceed with the settlement agreement. On October 9, Brink informed Jennings that the settlement was off and that he would no longer serve as Opal’s attorney.
Pamela and Teresa then brought an action for specific performance of the settlement agreement. The trial court found that the agreement was enforceable and entered a decree of specific performance, charging Senior Judge Richardson with the task of ensuring that the settlement was fully effectuated. Opal now appeals that judgment and decree.
Opal makes several arguments as to why the September 12 settlement agreement is not enforceable. Opal’s first argument entails several factors, each of which can be subsumed under the contention that no contract was formed because there was no meeting of the minds on September 12. Opal contends that she did not understand what she was signing when she signed the agreement and, [132]*132more specifically, that she did not understand that the agreement would leave her without control over the RJC properties. Opal also argues that the agreement was incomprehensible to the average person, full of “laconic symbols and abbreviations.”
“Whether a contract existed is a question of law.” Ken Hood Construction v. Pacific Coast Construction, 201 Or App 568, 577, 120 P3d 6 (2005), adh’d to as modified on recons, 203 Or App 768, 126 P3d 1254 (2006). At least as to a contract’s essential terms, a valid contract exists only when there is a meeting of the minds and where all terms are either agreed upon or there is a method agreed upon by which open and disputed terms can be settled, such that nothing is left for future negotiation. Phillips v. Johnson, 266 Or 544, 555-56, 514 P2d 1337 (1973). “Oregon subscribes to the objective theory of contracts. In determining whether a contract exists and what its terms are, we examine the parties’ objective manifestations of intent, as evidenced by their communications and acts.” Ken Hood Construction, 201 Or App at 578 (citation omitted). “[W]hether parties enter into a contract does not depend on their uncommunicated subjective understanding; rather, it depends on whether the parties manifest assent to the same express terms.” Newton/Boldt v. Newton, 192 Or App 386, 392, 86 P3d 49 (2004) (citation omitted). Questions regarding the intent of the parties are for the fact-finder. Bennett v. Farmers Ins. Co., 332 Or 138, 157, 26 P3d 785 (2001).
The trial court made extensive findings regarding the process by which the September 12 agreement was reached and subsequent negotiations were handled. We find the trial court’s findings well supported by the evidence in the record and adopt them as fact on de novo review. Opal’s argument that she did not understand what she was signing is -undermined by Richardson’s and Brink’s testimony that they carefully described to her the terms of Jennings’s proposal, as well as her own statement that Chester would have to live with the consequences of the agreement. Like the plaintiff in Newton/Boldt, Opal cannot argue that her statements and actions at the September 12 settlement conference, “viewed objectively, could be anything other than clear and unequivocal assent to the terms” agreed on by the rest of [133]*133the settling parties. 192 Or App at 392. As in Newton /Boldt, there is nothing in the record to indicate that anyone knew or should have known that Opal believed anything different from what everyone else believed; the terms of the agreement were clear and comprehensible, even if complicated, and the testimony was unanimous. Everyone at the September 12 settlement conference knew, or had access to professional assistance to determine, what the agreement meant.10 To the degree that Opal did not understand the agreement, she never manifested that lack of understanding, but rather indicated the opposite, her knowing assent to all of the agreement’s terms, through objective communications and acts.* 11
In particular, we reject Opal’s argument that the settling parties never intended to be bound by the terms of the September 12 agreement. Opal bases that argument on words in the settlement agreement describing it as a mere “agreement in principle” that must be “finalized in writing.” See Engineered Data Prods., Inc. v. Art Style Printing, Inc., 71 F Supp 2d 1073, 1078 (D Colo 1999) (“ £As a rule, “agreements in principle” that refer to subsequent “formal agreements” are not binding.’ ” (quoting Skycom Corp. v. Telstar Corp., 813 F2d 810, 815 (7th Cir 1987))); New York Life Ins. Co. v. K N Energy, Inc., 80 F3d 405, 410 (10th Cir 1996) (holding that a document that described itself as an “agreement in principle” was not an enforceable contract). To bolster her view of events, Opal points to statements by Brink that the agreement was a mere “letter of intent” and “broad outline” that needed to be fashioned “into more concrete documents.” Opal also points to statements by Jennings that the agreement was “tentative” and
“a framework to prepare final written documents similar to a letter of intent. It left a number of issues open which needed to be resolved through future negotiations * * *.
[134]*134Some of these issues would be susceptible to easy resolution once the appraisals and other calculations were completed.
% * * *
“[Other issues, however,] required decisions to be made on the terms and conditions that would apply.”
Opal’s view, however, is contradicted by significant other evidence. For instance, in addition to those statements cited by Opal, Jennings acknowledged that the parties had anticipated “negotiat[ing] in good faith to implement the terms of [the September 12 agreement]” and that “if the parties [had] proceeded in good faith, the terms of the settlement agreement were capable of implementation.” In this regard it is important to note that the writing says “it is agreed” that a division shall be “in principle” as described in the diagram and that the “agreement in principle” shall be finalized. That language reflects a binding agreement to be effectuated according to agreed principles. Indeed, Richardson, who wrote the agreement and whose credibility the trial judge particularly commented upon, explained that it was his impression that everyone understood that, in signing the September 12 settlement agreement, the settling parties agreed to be bound by its terms. Feibleman and Lodine testified that the term “agreement in principle” was meant to indicate a hard deal, and not a mere proposal, tentative agreement, or letter of intent. As Feibleman explained, the term was meant to convey that, upon the parties’ agreement, the details would be left to the experts (i.e., Jennings, Brink, the other attorneys, and the required appraisers, surveyors, etc.). See Miller v. C. C. Meisel Co., Inc., 183 Or App 148, 154, 51 P3d 650 (2002) (“ ‘Courts should be ready to give those reasonable interpretations that ordinary businessmen are willing to give, seeking the aid of experts and giving heed to all the surrounding circumstances.’ ” (quoting Van v. Fox, 278 Or 439, 445-46, 564 P2d 695 (1977))).
Similarly, Richardson, Feibleman, and Lodine all explained that the phrase “shall be finalized in writing” was not meant to signify that the signed agreement was not binding; it was meant to signify that, by itself, the agreement was not sufficient to effectuate its terms: additional documents would need to be drafted and signed. That those additional [135]*135documents needed to be finalized was not a bar to the existence of a binding contract but, rather, a term of the contract in the sense that the parties had agreed to create the documents. See Kaiser Foundation Health Plan v. Doe, 136 Or App 566, 571-72, 903 P2d 375 (1995), adh’d to as modified on recons, 138 Or App 428, 908 P2d 850 (1996) (discussing the “question of whether the parties intended an agreement to be effective immediately or only after the execution of a written agreement”); Hughes, 189 Or App at 265 (holding in similar circumstances that “the objective meaning of the parties’ action was that the agreed terms were binding immediately”). Again, the document in question here says such steps shall be taken. In this regard, it is important to remember that the meeting on September 12 followed earlier meetings, discussions, correspondence, and litigation events that, in some considerable detail, addressed the problem and the various proposed solutions. The record indicates that the meeting on September 12 was not to get things “started,” but to bring them to a conclusion.12
In interpreting contract provisions, we attempt to discern the intent of the parties in light of the circumstances that existed when the agreement was reached. Yogman v. Parrott, 325 Or 358, 361-63, 937 P2d 1019 (1997); Batzer Construction, Inc. v. Boyer, 204 Or App 309, 316-17, 129 P3d 773 (2006). On the one hand, parties may intend that “the making of a survey, as well as the preparation of formal legal documents, [are] to be conditions precedent to a binding legal obligation.” Phillips, 266 Or at 551. On the other hand, “[i]f all the material terms which are to be incorporated into a future writing have been agreed upon, it may be inferred that the writing to be drafted and delivered is a mere memorial of the contract, which is already final by the earlier mutual assent of the parties to those terms.” Id. at 553-54 (quoting Wagner v. Rainier Mfg. Co., 230 Or 531, 540, 371 P2d 74, 78 (1962)). Determining the parties’ intentions can be difficult, and it is even more so when parties describe agreements [136]*136using labels with definite legal meanings that do not necessarily conform to the parties’ intentions. See id. at 552 (discussing the difficulty of interpreting agreements labeled as something other than what they are claimed to be).13
Here it is obvious, given the competing yet reasonable meanings that the parties attach to the phrases “agreement in principle” and “finalized in writing,” that neither text nor context leads to a single unambiguous meaning for those phrases. Yet the extrinsic evidence reveals that the phrases had one unambiguous meaning to the settling parties. Nixon v. Cascade Health Services, Inc., 205 Or App 232, 238, 134 P3d 1027 (2006) (stating that courts look also to extrinsic evidence of “ 'the circumstances underlying the formation of the contract’ ” to determine whether a term is ambiguous) (quoting Batzer, 204 Or App at 317). That evidence shows a clear intent to be bound on September 12 to the terms of the settlement, not an agreement to agree or a mere expression of intent to work toward a future, final contract. As was the trial court, we are struck by the unanimous evidence describing the change in mood at the September 12 settlement conference: Once the agreement was signed, everyone who signed it felt a sense of accomplishment. That is not the feeling usually inspired by a nonbinding letter of intent. We also find it telling that Opal’s own testimony at trial undermines her argument on appeal. She did not testify that she felt the agreement was nonbinding, but rather that, after she had signed the agreement, she realized that she “shouldn’t have signed that piece of paper” because it was not what she wanted and that, therefore, she “just couldn’t go through with something like that.” Subsequent regrets do not destroy the obligations of prior agreements. See Miller, 183 Or App at 155-56 (“[T]he law does not protect parties who enter into unwise agreements that are otherwise enforceable.”).
Even if we were to conclude that the phrases “agreement in principle” and “finalized in writing” are ambiguous, we would conclude, based on the extrinsic evidence, that the parties intended to bind themselves on September 12. See [137]*137Yogman, 325 Or at 364 (interpreting contract in light of parties’ subsequent actions at second level of analysis); Nixon, 205 Or App at 238-39 (describing second Yogman level in construing contracts). The subsequent work toward completing the required documents in this case shows that the parties felt bound. Following the September 12 conference, the parties and their attorneys went into action to effectuate the agreement, not change its terms or prepare for future rounds of negotiation. Additionally, although Jennings, the lawyer who was to do the lion’s share of the work, may have believed that the agreement was not binding, it is not his intent that matters, but rather that of the parties who signed the agreement: Opal Jahn and her daughters. When Opal stated that Chester would just have to live with the terms of the settlement agreement she and her daughters had signed, it is clear that she was not referring to the specter of ongoing negotiations, but rather to the imminent finalization of the asset division provided for by that agreement.
No one said or did anything at the September 12 conference to indicate an intention not to be bound to the agreement then; no one indicated on September 12 that the terms “agreement in principle” and “finalized in writing” were added to stall formation of a binding contract — indeed Richardson, who drafted the agreement, testified to the contrary. See Hughes, 189 Or App at 265 (finding, in similar circumstances, that, “[i]n the absence of some communicated condition regarding the postponement of the binding effect of their mutual assent, such as a provision in the [document] or a statement by one of the parties, the objective meaning of the parties’ action was that the agreed terms were binding immediately”); Graves v. Tulleners, 205 Or App 267, 278, 134 P3d 990 (2006) (“Release agreements are favored under the law * * *.”). It is not dispositive that the agreement lacks a clause stating that it is binding or that it lacks a clause stating that it is not binding. Miller, 183 Or App at 154 (“ ‘The fact that the parties omitted certain provisions that are commonly included may indicate an intention to be bound without them[.]’ ” (quoting Van, 278 Or at 446)).14 That the settlement was termed an “agreement in principle” was meant to [138]*138signify that it would require further work and documents; the “finalization” described in the agreement was meant to be the completion of the work and documents necessary to implement the terms of the settlement, not some other “final” or “actual” agreement.15 Cf. Miller v. Ogden, 134 Or App 589, 594-95, 896 P2d 596 (1995) (finding a contract unenforceable through specific performance where it stated that the “actual contract” would be written later). It is of special significance that the legal fees incurred during the implementation of the agreement were to be paid by RJC and, therefore, ultimately borne by all of the parties equally. That economic fact says volumes about the change from adverse litigation to mutual implementation of an agreement. We find that the agreement, although labeled an “agreement in principle” to be “finalized in writing,” actually was meant by the parties to be immediately binding on all who signed it.16 In short, there was a valid contract on September 12.17
[139]*139We next turn to Opal’s final argument as to why we should not require specific performance of the settlement agreement. Opal contends that the agreement is too indefinite for specific performance. In determining whether to require specific performance of a contract when its definiteness is disputed, we follow the rule of Booras v. Uyeda, 295 Or 181, 666 P2d 791 (1983). Genest v. John Glenn Corporation, 298 Or 723, 744, 696 P2d 1058 (1985) (stating that Booras governs such claims). In Booras, the Supreme Court held that, “ [t] o be entitled to specific performance, a contract must be definite in all material respects, with nothing left for future negotiation.” 295 Or at 191. While a court may allow exceptions for “subordinate details of performance,” it cannot, “under the guise of‘filling gaps’ make the contract which it thinks the parties would have agreed to. The court can only enforce an existing agreement which is so definite in its terms that the court can frame a decree to compel performance.” Id. at 192-93 (citation omitted). For instance, we have held that earnest money agreements are enforceable through specific performance only if all essential terms are resolved, even though minor details may be left to future agreement. Lang v. Oregon-Idaho Annual Conference, 173 Or App 389, 397, 21 P3d 1116 (2001).
There are two crucial distinctions to bear in mind. The first is that between material terms and subordinate details of performance. “A term is ‘material’ to an enforceable agreement when it goes to the substance of the contract and, if breached, defeats the object of the parties in entering into the agreement.” Johnstone v. Zimmer, 191 Or App 26, 34, 81 P3d 92 (2003) (citation omitted). For instance, we have identified certain terms that are always material and essential to land sale contracts: “the designation of the parties, the identification of the property, the promise to sell and buy, the purchase price and how it will be paid, and a fixed time and place for the delivery of the deed or ‘closing.’ ” Povey, 146 Or App at 764. Other terms may also be material to an agreement, [140]*140depending on the nature of the agreement and the circumstances as they existed at the time the parties reached the agreement. Ochs v. Albin, 137 Or App 213, 218, 903 P2d 906 (1995) (essential terms include terms required by law and those “unique to a particular agreement”). All terms that are not material are subordinate to the material terms. Whether a contractual term is material “is a question for the factfinder unless the uncontested evidence leads to only one legal conclusion.” Johnstone, 191 Or App at 34. Because our review is de novo, we determine which terms were material to the parties in this case. Povey, 146 Or App at 765.
The second crucial distinction is that between definite terms and indefinite terms. A material term is definite when it is defined explicitly or “where the parties specified a canon or method by which the missing term could be supplied by the court.” Logan v. D. W. Sivers Co., 207 Or App 231, 238, 141 P3d 589 (2006) (citation omitted); see also Phillips, 266 Or at 555 (holding that a contract is enforceable where all terms are either agreed upon or where a “method is agreed upon by which such a term or provision can be settled”). For instance, the parties may be deemed to have incorporated standard provisions into their agreement. Hughes, 189 Or App at 266. They might also have made or allowed reference to prevailing market rates or particular methods of calculation. See Yeon Street Partners v. Environmental Consulting, 125 Or App 501, 504, 865 P2d 1325 (1993) (stating that, when parties agree to “reasonable” prices and “equivalent” amounts, those terms are “not so indefinite as to prevent an agreement from being enforceable”); Boese v. Knight, 104 Or App 559, 563, 802 P2d 675 (1990) (term was sufficiently definite where its precise meaning could be surmised readily from the language used by the parties); Siegner v. Interstate Production Credit Assn., 109 Or App 417, 431, 820 P2d 20 (1991) (terms were sufficiently definite where the parties agreed to accurately and objectively calculate and represent figures in pursuit of their agreed upon goals). Additionally, in certain compelling circumstances, courts may use “courageous common sense” to imply fair and reasonable terms that give effect to the parties’ intentions. Hughes, 189 Or App at 266 (citation omitted); see Harrisburg Ed. Assn. v. Harrisburg Sch. Dist. #7, 186 Or App 335, 345-46, 63 P3d
[141]*1411176, rev withdrawn, 336 Or 15 (2003) (so doing when unforeseen circumstances arose under a binding contract). Subordinate details are sufficiently definite if any of those objective methods are utilized. They are also definite if the parties have agreed to negotiate a final resolution with regard to them; if the negotiations fail, the court can infer standard or reasonable terms that will fairly give effect to the parties’ intentions. See Hughes, 189 Or App at 266.18
Here, Opal argues that several terms were indefinite. We take each term in turn. First, Opal claims that the September 12 agreement was too indefinite for specific performance because it was unclear whether the agreement was binding and whether Chester was a necessary party to it. Although the binding nature of a contract is clearly material, we have already held that the parties did, indeed, agree to bind themselves to the terms of the settlement agreement. As we stated in Hughes, 189 Or App at 265-66, “there are several possible ways in which a preliminary agreement may be binding despite the need for extensive subsequent documentation.” See also Ochs, 137 Or App at 218 (“[T]he fact that the parties contemplate a future writing does not by itself prohibit specific performance.”); cf. Ogden, 134 Or App at 594 (where parties contemplate a future, “actual” contract containing additional material terms, there can be no specific performance). Moreover, the record is clear, and on de novo review we find, that Chester was not a necessary party to the agreement. The testimony on that point was uncontradicted. Although Chester did not agree to the settlement on September 12, the settling parties hoped that he would eventually agree, and, therefore, the documents required to complete the settlement were first drafted so that he would have one last chance to sign them. Only if Chester [142]*142remained opposed to the settlement would the documents then be redrafted so as to force the agreement into effect, which the remaining Jahn family members could accomplish, by the terms of the agreement, without Chester. We conclude that Jennings’s drafting of the necessary documents so as to include Chester is not evidence that the agreement was indefinite or nonbinding on September 12, but rather that the agreement included the hope that Chester would sign, and the ability and mechanisms to enforce the agreement without him.19
Opal also argues that the agreement is not enforceable through specific performance because the parties failed to agree on terms material to the use of timber deeds to equalize the value of each Jahn child’s corporation. Specifically, Brink testified that the parties had not decided the amount of timber that would be cut, which specific tracts would be cut, whether they would be clear-cut, or what specific lot line adjustments or cash payments, if any, would be made instead of or in addition to timber deeds. The dissent finds that argument persuasive, noting that agreement on the identification of property is necessary in the context of a land sale contract. 209 Or App at 159 (Armstrong, P. J., dissenting).
The mistake in that argument is fundamental. Terms that are material to one kind of contract are not necessarily material to another kind of contract. Lang, 173 Or App at 397 (stating that whether certain terms are material or subordinate “will depend on the particular circumstances of the property or the parties” (quoting Povey, 146 Or App at 764)). This case does not involve a mere land sale contract but a universal settlement agreement of significant scope, encompassing several issues materially important to the parties, including an end to the litigation as well as a divisive corporate reorganization, trust matters, asset split and equalization, share buy-back and redemption, attorney fees consolidation, and provision for Opal’s living and health expenses. The timber deed details described by Opal and the [143]*143dissent as material (or, in the words of Chester’s attorney, Yandell, “substantial”) were actually considered by the parties on September 12 to be minor and incidental in comparison to the overall agreement. Moreover, they were objectively treated as such by the settling parties, including Opal, on September 12. Everyone at the settlement conference had the opportunity to propose any terms they felt were material; no one mentioned clear-cutting or identification of specific trees. If Opal felt that those terms were important, she could and should have said so at the conference. In contrast, the terms that the parties did consider material, such as the joint selection of appraisers and the overall goal of equalization of values, were agreed upon and included in the agreement and Jennings’s draft documents.20 The context of those discussions, including the discussions and correspondence occurring before September 12, demonstrate the parties effectively viewed the timber properties as fungible, at least for purposes of a balancing process that would involve experts reviewing the process and results.
Additionally, the terms of the equalization mentioned by Opal were sufficiently definite for specific performance. Here, the parties agreed to work together to “finalize” the settlement agreement by equalizing the values of the four new corporations through the use of appraisers, timber deeds, and other commonly used devices such as lot line adjustments and cash payments. See Yeon Street Partners, 125 Or App at 504 (stating that “equivalent” is a sufficiently definite term for specific performance). In so doing, they anticipated acting reasonably and in good faith through an objective method to arrive at a result where the major agreed-upon divisions were potentially balanced with [144]*144relatively minor details, such as the location of lot lines, the number of trees that could and should be cut at any location, or the use of cash payments.21 See Siegner, 109 Or App at 431 (finding similar terms sufficiently definite for specific performance). In short, the details described by Opal as material and indefinite are all either incidental or definite; they do not constitute a bar to specific performance of the overall settlement agreement.
Opal also argues that certain details of the redemption agreement, by which the four corporations would purchase the shares held in them by the Opal Jahn Marital Trust on Opal’s death, were material or indefinite. Although the parties had agreed that the redemption price for those shares was to be their “fair market value discounted for applicable discounts for minority interests, lack of marketability, and any other discount available,” no specific price or discount value had been set. Neither had the parties established an interest rate or payment schedule, although they had agreed on a maximum 15-year payment period. Further, Jennings’s draft Buy-Sell Agreement included a term the parties had not discussed: mandatory mediation and binding arbitration should the parties fail to agree on a price. Lastly, there were no protections for Opal’s position as a minority shareholder, such as rules regarding the preservation of assets or limits on corporate debt and officer compensation.
As with the details of the timber deeds, we consider the terms identified by Opal to be either immaterial or [145]*145sufficiently definite to allow specific performance. Regarding the redemption price, we note that “where a contract specifies that the price is to be measured by the ‘fair market value’ or ‘reasonable value’ of the services or property involved, courts have generally held that the price is sufficiently certain in order to have an enforceable obligation.” Portnoy v. Brown, 430 Pa 401, 243 A2d 444, 447 (1968); see also Marnon v. Vaughan Motor Co., Inc., 184 Or 103, 163-68, 194 P2d 992 (1948) (holding the phrase “a reasonable margin of profit” sufficiently definite so as to be enforceable). The parties in this case agreed to hire jointly selected appraisers to accurately determine the fair market value of the shares given the discounts. Accordingly, the redemption price was sufficiently definite for specific performance. Moreover, although the lack of agreement regarding payment terms such as an interest rate might be fatal to a contract smaller in scope, see Miller, 183 Or App at 154 (discussing when payment terms are necessary), here it is clear that those terms were merely incidental to the overall agreement. Again, we find persuasive the fact that everyone at the September 12 settlement conference had the opportunity to add any term that he or she felt was material; no one mentioned an interest rate for the redemption agreement.22 The same is true regarding protections for Opal’s minority interest. Although it might be wise to include such protections in an agreement, they are not necessary and were not considered material by the parties on September 12.23 Cf. Olson v. F & D Publishing Co., [146]*146Inc., 160 Or App 582, 589-90, 982 P2d 556 (1999) (“One party’s ability to meet its contractual obligations or the financial consequences of its doing so is not ordinarily a material term of an employment agreement, although those issues may be material depending on the nature of the transaction and the parties’ discussions.”). Finally, the inclusion of the mediation and arbitration provisions in Jennings’s draft document is properly viewed as a proposal to the parties that could be, but is not required to be, used to resolve disputes.
Opal next contends, and the dissent agrees, that the details of Teresa’s buy-back of her shares were material and indefinite. To understand the nature of the buy-back in full, it is important to state a few facts not mentioned earlier. When Teresa sold her stock back to RJC in 1995, RJC paid her $91,000, of which it paid $20,000 down and the balance of which it was to pay over the next seven years. Subsequently, additional shares were received by Pamela, Linda, and Chester, apparently from their parents. RJC also apparently made loans to Teresa, some of which it later forgave. At the September 12 settlement conference, the parties agreed that Teresa would buy back from RJC the shares she had sold it in 1995 at a price of $91,000, adjusted for any payments RJC had already made and for any of her debts to RJC that it had forgiven; the parties did not agree, however, on an ultimate purchase price, interest rate, or payment period. Teresa was not to be given additional RJC stock to make up for the additional shares her siblings had received, but the discrepancy that that would create between the value of her corporation and the value of the other three corporations was to be [147]*147eliminated through the general process of equalization to which the settling parties had committed themselves.24
As to the materiality of the price terms of Teresa’s buy-back, Opal points to an e-mail that Brink wrote to the other attorneys involved in the case, stating that Teresa’s attorney, Lodine, was “still working on his proposal about Teresa’s buy-in, a major pre-condition here.” That statement, however, is contradicted by Lodine’s response that he “never thought of this part as a ‘major precondition’ to an overall settlement * * * [but had] always viewed it as more of a fine-tuning of something that was agreed to by all parties.” According to Lodine, once Teresa obtained “documentation regarding the loans and advances made to her over the years,” she could “more accurately assess what a reasonable purchase price should be,” thus expediting “a resolution of this piece of the puzzle.” Moreover, none of the other settling parties considered the exact amount or the payment terms of Teresa’s buy-back material; what was material — the formula for calculating Teresa’s purchase price — had been agreed on. The remedy for any failure on Teresa’s part to pay the ultimate buy-back price would be an order requiring her to pay that price. We again decline Opal’s invitation to view details that were considered incidental on September 12, when the agreement was reached, as material terms, especially when the formula for calculation of the detail was agreed upon.
As to the definiteness of the terms of Teresa’s buyback, we find that, although the exact amount of forgiven debt might have been subject to some dispute, a reasonable figure could be reached through objective calculations based on accurate information. Cf. Adair Homes, Inc. v. Jarrell, 59 Or App 80, 84-85, 650 P2d 180 (1982) (“Although the parties might eventually have disagreed as to those costs, the correct figure was, nevertheless, a question of fact, rather than a term to be decided by negotiation, and plaintiff had the usual obligation of good faith, which required it to compute that figure accurately.”); Siegner, 109 Or App at 431 (terms were sufficiently definite where the parties agreed to accurately and objectively calculate and represent figures in pursuit of their [148]*148agreed-upon goals). To the degree that the parties had not decided on particular payment terms, those terms could be reasonably supplied, if they proved necessary at all. The parties contemplated that Teresa might pay the full purchase price up front or that her corporation might grant the other corporations timber deeds, lot line adjustments, or partial cash payments to equalize the value of all four corporations. Alternatively, if Teresa instead adopted a payment plan, the parties felt that a reasonable interest rate and payment schedule could be determined.25
Opal next turns to the details regarding her lifetime consulting fee. She argues that the amount was unsettled and that there was no guarantee that it would actually be paid in a timely manner. That argument fails for the same reasons that the above arguments do. The amount of the monthly consulting fee was not settled, but the parties had discussed and agreed upon the standard that payments were to be sufficient to maintain her lifestyle and cover her healthcare costs. In addition, the parties had discussed an initial level of payment at one of two amounts. The first amount, $3,500, was an amount Opal had earlier stipulated to as sufficient to support her standard of living, which was the settling parties’ stated goal in providing for a consulting fee. As Feibleman testified, that amount was based on Opal’s “normal monthly income from the corporation” and “a historical record of what she had been spending and what her expenses had been” — indeed, it was “more than actually what she even spends.” The second amount discussed was $4,000, which the parties felt was fair and easily divisible among the four children’s corporations. The gap between the two numbers is not so large as to preclude reasonable agreement, and the failure to decide between them was certainly not seen by the parties as material on September 12. Indeed, Jennings’s draft Consulting Fee/Long Term Care Agreement set the amount at
[149]*149$4,000, which comports with what the settling parties indicated was the more likely figure.26 As with the provisions for protection of minority interest that Opal felt were material to the redemption agreement, no protection provisions were necessary or material to the lifetime consulting agreement; any breach could be remedied through a court order requiring adherence to the terms of the agreement. More importantly, the parties had agreed on a method or formula that was reasonably objective and yet could change with circumstances. Our decisions recognize such principle-based or formulaic solutions (such as those based on fair market values to be determined) as specifically enforceable. Marnon, 184 Or at 163-68 (concluding that a “reasonable margin of profit” is sufficiently definite); Phillips, 266 Or at 555 (concluding that a contract is enforceable when method for settling terms is agreed upon). It is also the case that, in other areas of the law, standards such as health, support, and maintenance are recognized as reasonably ascertainable. ORS 130.010, relating to trust administration, refers to section 2041 of the Internal Revenue Code, which, with its interpretive regulations, recognizes that a power to invade trust income or corpus for health, support, or maintenance is reasonably measurable. Cf. Treas Reg § 20.2041-l(c)(2). That authority is particularly relevant here as the government that regards such standards as ascertainable has every interest in not allowing undefined and unlimited powers of invasion. Lastly, [150]*150although the draft Consulting Fee/Long Term Care Agreement left a blank space for the amount of rent Opal was to pay Chester or his corporation for living in the house on the Home Place, the record indicates that the only number that the parties had discussed was $650 per month, the amount that Opal already paid RJC as rent for the house and that the parties felt was its fair market value.
Opal also contends that the settlement agreement is unenforceable because the details of the divisive reorganization, including the means by which tax liability would be minimized, were unsettled. It is clear from the record, however, that the parties intended to leave those matters to Brink, Jennings, and others expert in the fields of tax and business law.27 Moreover, the lack of any specific provision regarding tax implications does not render the settlement agreement indefinite. See Miller, 183 Or App at 153-56 (so holding); Olson, 160 Or App at 593-94 (same). To the degree that any negative tax implications might arise, it appears that they would affect all the parties; that was a risk the parties apparently took into account on September 12 when they signed the agreement.28
[151]*151In sum, we find that the settling parties committed themselves to a binding agreement on September 12, that their minds met, and that their agreement was not lacking in material terms or methods or so indefinite so as to be unenforceable through specific performance. The dissent believes our decision enables a judge to determine material terms for the parties, without the meaningful participation of those parties. That is not so. Here, on several important points, the parties recognized that agreement on methods was important, and they reached such agreement. Values would be equalized. Payments would be at the fair market value for redemption of stock. Payments to Opal would be those needed for her support and maintenance. Teresa and the family corporation would be put into the status quo ante. Every day parties in Oregon negotiate such agreements, recognizing that if they have agreed on a process and if they disagree about the outcome, they can test the application of the process in litigation. That does not mean that the court in that adjudication has made their agreement. The court has only enforced the agreement. Here, reasonably objective methods, capable of application with the use of historical or present facts (market values for property, support needs for Opal, amounts of debt forgiven, or prior payments made to Teresa) were agreed upon. The parties can now go to the tasks called for by their agreement and, if necessary, apply to the court for enforcement — not creation.
We finally note the fact that when the parties were working on finalizing the agreement after September 12, no one proposed any modifications to the basic structure of the agreement or the fundamental economic terms or methods to which they had bound themselves. Instead, pursuant to an agreement to share legal costs by way of payment by KJC, they began working to effectuate the agreement, and continued to do so, until Opal unilaterally withdrew. See Hughes, 189 Or App at 266-67 (describing a similar situation as implying that a prior agreement was binding). The trial court did not err in entering a decree of specific performance in this case.
Affirmed.
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146 P.3d 399, 209 Or. App. 120, 2006 Ore. App. LEXIS 1679, Counsel Stack Legal Research, https://law.counselstack.com/opinion/dalton-v-robert-jahn-corp-orctapp-2006.