Dennis Orcollo contract

I just stepped away and played some pool. The whole time I was actually feeling bad for Dennis and that contract.

I'm in the middle of a significant financial transaction myself right now, so seeing this one-sided contract really makes my stomach turn.

I hope it works out for Dennis and he doesn't get royally scr3wed.
 
dmgwalsh said:
Well, I do not specialize in contract law and my contracts class in law school took place in 1977, but I think there has to be consideration for a contract to be valid, in other words, if you agree to do something, you have to get something from it.

There does not seem to be any consideration going to Dennis.
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I would also assume, capacity to contract would come into play.
 
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Does Mr French have to claim all that money his horses give him to the IRS? Would he pay taxes on it? Would it be legal to make money from a gambling match if he's not one of the players?


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Since players being on themselves. ..

PETROBOY said:
Does Mr French have to claim all that money his horses give him to the IRS? Would he pay taxes on it? Would it be legal to make money from a gambling match if he's not one of the players?


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Since players betting on themselves in a game of skill is legal in most states, backer money would just be considered a high interest short term loan in order to be legal. However, predatory lending laws could come into play then, so might not be much better.

Jaden
 
Funny how nowhere on the contract does it say what French does to get 50 percent of Orcullo s action. Does he pay entry fees, travel ,lodging, food....anybody who signed that is crazy .
 
PhilosopherKing said:
According to how this contract is worded, if the match with Shane had taken place with Dennis putting up $25k of his own money, and Dennis had won, would Mr. French be getting 50% of $100k, 50% of $50k, or 50% of $25k?
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Well, imo it can be argued that the money in the middle is what you can win.
So that would be 50% of 100k. Now imagine Dennis not putting up 25k himself
but John doing what a backer does putting up the whole 50k. It's going to be
tough for John to make any money on gambling matches that way unless he can
find players who will give Dennis odds on the money.

gr. Dave
 
Jaden said:
Since players betting on themselves in a game of skill is legal in most states, backer money would just be considered a high interest short term loan in order to be legal. However, predatory lending laws could come into play then, so might not be much better.



Jaden
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This isn't a backer situation any more this is French receiving half the winning but nothing to show he payed out anything. Really he has a contract to show he gets paid from gambling winnings. I don't know if that's legal or not.


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cueenvy said:
Funny how nowhere on the contract does it say what French does to get 50 percent of Orcullo s action. Does he pay entry fees, travel ,lodging, food....anybody who signed that is crazy .
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Anyone who even constructs that contract is clearly with the intention of taking advantage of the player.
 
Actually in that case. ..

PETROBOY said:
This isn't a backer situation any more this is French receiving half the winning but nothing to show he payed out anything. Really he has a contract to show he gets paid from gambling winnings. I don't know if that's legal or not.


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If you're going by the contract it would not be considered gambling winnings at all.

As I've stated most states do not consider betting on yourself in a game of skill gambling.

Jaden
 
If you could even call that a contract.

gxman said:
Anyone who even constructs that contract is clearly with the intention of taking advantage of the player.
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A contract is a mutual agreement by two parties to receive payment and or services from each other.

As had been stated, there is literally no consideration for one of the parties in that document, hence, not really even a contract.

Jaden
 
Wow, that is such a 1 sided contract IMO.
I can't believe anyone would sign that.
Probably will end up in court.
 
Jaden said:
If you're going by the contract it would not be considered gambling winnings at all.

As I've stated most states do not consider betting on yourself in a game of skill gambling.

Jaden
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I thought it was still gambling but allowed for yourself. That would be ok for Dennis but John is making money on someone else betting on themselves. But I really don't care what happens but I wouldn't want to see Dennis get screwed over by this.


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WillyCornbread said:
Fair point Darren, but it would seem the fair thing to do would be to put that part in writing as well so Dennis wouldn't be carrying all the risk - otherwise why put it in writing at all. At the very least it's an unfair contract, but looks closer to exploitation of a tough situation.
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agree :smile:
 
Whoever notarized that document is in some real trouble! IMO

Kd

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Kid Dynomite said:
I was a notary before. Having someone sign in front of you is not all you do.

The notary has to make sure the person is legally able to enter into the contract and sign.

Kd

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Why is Dennis not legally able to enter into this agreement?
 
Kid Dynomite said:
I was a notary before. Having someone sign in front of you is not all you do.

The notary has to make sure the person is legally able to enter into the contract and sign.

Kd

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It's been my experience with notaries they verify valid acceptable id's from all parties, watch signatures, collect fees. I'd think anything other than that they would be entering into the realm of legal advice - which of course they absolutely can not do.
 
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