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settlement not intended by both parties. Id.
General principles of contract law determine whether the
parties reached a settlement. Id. An objective manifestation of
mutual assent to essential terms is a prerequisite to the
formation of a contract. Id. Mutual assent generally requires
an offer and an acceptance. Id. A settlement agreement may be
reached in the absence of a writing, through offer and
acceptance. Id.
In the instant case, we conclude that the parties did not
mutually assent to the settlement. We agree with petitioner that
Attorney Cardone’s letter to Mr. Burke dated December 20, 2005,
constituted a settlement offer. The record demonstrates,
however, that petitioner did not timely accept respondent’s
offer. Mr. Burke’s letter to Attorney Cardone dated December 19,
2005, demonstrates that the parties disagreed as to whether the
global settlement should include a provision barring the award of
litigation costs. Mr. Cardone’s letter to Mr. Burke dated
December 21, 2005, stated that respondent’s offer would lapse
unless Barbara Drake and petitioner accepted all of the
settlement terms by December 28, 2005. Barbara Drake and
petitioner did not accept the terms of the settlement agreement
as of that date, and, consequently, respondent’s offer lapsed by
its own terms. We, therefore, conclude that Mr. Burke’s
purported oral acceptance of the settlement terms on January 6,
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