Given the following case, who is likely to sue who, on which grounds, and who is likely to win? If there is a legal gray area, describe why more than one answer could be correct or what additional information is needed to arrive at a conclusion. Address all of the legal issues and relevant laws so that each party's rights, liabilities, and damages are noted.

FACTS:

Ignatius O'Reilly owns and operates one of the two movie theaters in a small town in Louisiana, IgnatiusFlix LLC. The town's other movie theater is owned by Myrna Minkoff, Myrna Movies Inc. After showing the same movies for years, Myrna and Ignatius struck an agreement that their respective theaters would only show different movies from each other. In other words, no movie would be available at both theaters, but instead each theater would show a distinct slate of five movies. For the next two years, they promised to meet on the first day of each month to decide the movies that each theater would show, though Ignatius and Myrna agreed to "revisit" their deal after six months. Their deal also included a clause that if either party breached the agreement, the breaching party would pay the non-breaching party $25,000.

The agreement unraveled when Ignatius, who had first pick on a certain month, chose the highly anticipated blockbuster Titanic 2; the Untold Story of Jack and Rose. Knowing that both theaters were able to show Titanic 2 without losing sales, Myrna purchased a dubious copy of the movie at a flea market. She then displayed the black-market version at her theater and charged a lower price than IgnatiusFlix LLC, enraging Ignatius. To prevent people from frequenting Myrna Movies Inc., Ignatius spread a rumor that rats have infested Myrna Movies Inc. Please advise Myrna and Ignatius of their risks and liabilities.