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In 1973 Rose (P) had an option to purchase a deep-water port located on the Pennsylvania side of the Delaware River. On March 29, 1973, Mitsubishi (D), and Federal Steel executed a letter of intent to P, which P approved the same day. The letter provided for contribution by D of funds required for P to exercise his option. It also provided for the formation of a new corporation by D and Federal which would participate with P in a joint venture involving the facility. D and Federal were to provide financing subject to a reputable title insurance company issuing title policies indicating clear and marketable title and that the same can continue to be used in the future for purposes for which they are presently in use. The letter provided that the obligations of the parties were to be completed by May 15, 1973, but this was extended by mutual agreement until May 22nd. On May 21, D notified P that it would not proceed under the letter of intent. P then sued D and others. Jurisdiction was based on diversity of citizenship. D then filed this motion for summary judgment.

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