Texas Business & Commerce Code - Section 40.005. Determination Of Retail Value Of Prize Or Gift
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Texas Lawyer > Business & Commerce Code > Texas Business & Commerce Code - Section 40.005. Determination Of Retail Value Of Prize Or Gift
§ 40.005. DETERMINATION OF RETAIL VALUE OF PRIZE OR
GIFT. (a) The retail value of an item offered as a prize or gift is
the price at which a substantial number of sales of the exact item
of the same manufacturer, brand, model, and type have been made to
members of the public by at least two principal retail outlets in
this state during the six months preceding the offering of the prize
or gift.
(b) If a substantial number of sales of a particular item
have not been made in this state in the six months preceding the
offering of the item described in the solicitation or if the offeror
elects, the retail value of the item is the actual cost of the item
to the offeror, net of any rebates, plus 200 percent.
(c) If a prize or gift involves lodging, airfare, a trip, or
a recreational activity, the retail value is the retail sales price
of that lodging, airfare, trip, or recreational activity to a
member of the public who is not involved in a promotional or other
discount transaction.
Added by Acts 1997, 75th Leg., ch. 1008, § 4, eff. Sept. 1, 1997.
Section: 39.007 39.008 39.009 40.001 40.002 40.003 40.004 40.005 40.006 40.007 40.031 40.032 40.033 40.034 40.035
Last modified: August 10, 2007
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