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Contracts Keyed to Ayres
Robert C. Apfel v. Prudential-Bache Securities, Inc
Citation:81 N.Y.2d 470.
The Plaintiffs (Apfel and others) developed a system to use computerized entries to more efficiently trade municipal bonds. The Plaintiffs signed a contract with the Defendant (Prudential-Bache Securities), an investment bank, for them to use the system developed by Plaintiffs. The Defendant implemented the contract for three years, during which it was one of the earliest implementers of the idea, but by the fourth year, the practice had become commonplace in the industry. The Defendant refused to make further payments for the remainder of the term. The Plaintiffs sued the Defendant, and the Defendant argued that there was no consideration because the Plaintiffs’ idea was not novel.
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