BEFORE YOU FLIP THAT COIN...

In 1982, care dealer R.D. Ryno of Texas was trying to sell a BMW-a grand prix style care worth US$ 125,000.00--- to oilman Lee Tyra. Ryno and Tyra haggled. Soon, tired of haggling, Ryno said he had a better idea. He'd flip a coin and if it came up tails, Tyra can have the care. Tails it was.

Much later, Ryno stole the car from Tyra and sold it for US$ 135,000.00. Tyra sued. "A gambling contract is unenforceable". Ryno defended himself.

Besides, he added, he flipped the coin just for show --- to impress the bystanders.

But the Texas Supreme Court was unimpressed. Business Week reports that the Court up held a lower court ruling that the coin flip represented an executed contract because Ryno had delivered the car to Tyra. Hence, Ryno owes Tyra US$ 135,000.00 which he says he can no longer pay.

What's the moral? Gambling --- in whatever form is gambling, and the losers pay.