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Contracts Keyed to Ayres
Robert C. Apfel v. Prudential-Bache Securities Inc.
Citation:
81 N.Y.2d 470Facts
Plaintiffs approached Defendant with a proposal of issuing municipal securities through a certain system. The parties signed a confidentiality agreement to allow Defendant to review the techniques. The Parties then entered into a sales agreement under which the Plaintiffs conveyed their rights to certain techniques and the Defendant agreed to pay them a certain rate. Under the agreement, the Defendant was to pay even if the techniques became public. From 1982-1985, the Defendant abided by the contract. Then in 1985, the Defendant refused to make further payments and maintained that the ideas conveyed by the Plaintiffs had been in the public domain and had never been theirs to sell.
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Topic Resources
Topic Outline
Formation of ContractsTopic Refresher Course
Consideration and Promissory Estoppel