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Business Law - Contracts/consideration - UCC, FIRAC, & questions - Assignment Example

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In this case, the contention of the moving party in the motion for summary judgment, where the moving party is the casino, is that there was no such breach of contract, because no contract exists. This is implied in the reasoning and the arguments put forth by the judge, who…
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Business Law - Contracts/consideration - UCC, FIRAC, & questions
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Download file to see previous pages nce, with the judge weighing in on what constitutes consideration, and citing precedence in order to point out that in fact, the actions by the casino as a promisor of the one million prize are matched by the actions of Ms. Gottlieb, and that the latters actions and detriments constitute the consideration on the part of Ms. Gottlieb. Moreover, the element of the lack of altruism on the part of the casino when it launched the promotion is also a key element in the reasoning for the presence of a binding contract. The casino, the ruling stated, had profit intentions for launching the promotion and for dangling the prize. The promotion had the intention of enticing customers of the casino to come in and play, to gamble their money, to engage the casino and to volunteer their information and data about their habits in gambling, all of which were the considerations that Ms. Gottlieb brought to the table in exchange for the casino dangling the one million prize. These altogether make up the considerations for both parties to the contract. The ruling cited precedence, moreover, that clearly states that in this case, there is no other consideration that is needed in order for the two parties to be deemed as being parties to a contract. The considerations offered implicitly by Ms. Gottlieb are enough, for they are the very considerations that the casino, in promising the prize of one million dollars, required of Ms. Gottlieb and the other club members to offer in turn (“Gottlieb v. Tropicana Hotel and Casino” 345-346; The Cochran Firm; The Gale Group).
There is an obligation for best efforts on the part of the seller and the buyer to supply and to buy where a legally binding agreement to deal exclusively with each other exists. This is so, unless the parties agree otherwise. Moreover, good faith rules how much of something is to be provided or sold by seller and buyer, and that amounts that are not within the proportion of past transaction amounts may be offered or ...Download file to see next pagesRead More
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