Selling Price & Terms _ Amount of cash down, interest rate and term as well as description of the security the buyer is providing the seller. Structure _ Is it an asset or stock sale? How is the sale price allocated among different elements of the sale such as non_compete clause and goodwill (this is important for tax reasons and is discussed in the next section).
However, during the same period, on January 6, another oil company, Texaco, came into the picture as it publicly announced that Texaco and Getty Oil would merge. Pennzoil protested the proposed merger, and Getty Oil filed a law suit for the court to issue a declaratory judgment that it was not bound by any contract it had with Pennzoil.