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New York Court of Appeals - 616 N.E.2d 1095
Tags: Contracts, consideration
The court ruled that an investment bank cannot avoid a contract to purchase an idea for issuing and selling municipal bonds by arguing that the idea lacked novelty. The plaintiffs have the right to sell the computerized techniques for issuing municipal securities, and the defendant must pay a stipulated rate based on its use of the techniques. The defendant's claim that the sale agreement lacked consideration was reinstated, but the court held that the adequacy of consideration is not subject to judicial scrutiny unless there is fraud or unconscionability. The court clarified that novelty is not a separate requirement but rather part of the plaintiff's proof of either a proprietary interest in a claim based on a property theory or the validity of the consideration in a claim based on a contract theory. The cause of action for unjust enrichment was also reinstated. The lower court found that there were issues to be decided at trial regarding breach of contract and partial defense of waiver. The plaintiffs are seeking $45 million in damages against the defendant for alleged breach of contract, breach of fiduciary duty, fraud, unjust enrichment, and other causes of action.
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