When parties agree on the material terms of a contract with the intention to later reduce it to a formal writing, failure to complete the formal writing does not negate the existence of the initial contract.  Also, if the parties do not agree on the content of the formal writing (for example because one party wants to include something not agreed on in the first place), the proposed writing is not a counteroffer; rather, the initial agreement remains binding and a rejected writing is a nullity. Here, a person injured by plaintiff’s insured offered to settle his claim for the insured’s policy limits with a release.  After plaintiff accepted and sent a release form, the injured person reneged, claiming that the release was broader than the parties’ agreement called for.  Held, the parties reached an oral argument.  If the release was too broad, it was invalid, but the agreement to settle the claim was nevertheless enforceable against the injured person.