Case s ummary: Person GF joined an university KS as a head coach for men’s basketball team with a five-year contract with a salary of $ 300,000. In case of breach of contract by GF, he will be liable to pay liquidity damages that will be equal to the salary received by him, multiplied by the number of years remaining for the expiry of the contract. GF left the college four years before the termination of the contract. GF joined another university B at a salary of $ 700,000. University KS filed a suit in Ohio state court against GF. The court enforced the liquidity damages clause and awarded the university $ 1.2 million. GF appealed arguing that the liquidity damage clause was an unenforceable penalty. To e xplain: The impact of the record of the basketball team on the decision of the court.

Question

During the year ended December 31, 20X1, Greenacre Hospital received the following donations stated at their respective fair values: Essential specialized employee-type services from members of a religious group $100,000 Medical supplies restricted for indigent care from an association of physicians and used for such purpose in 20X1 30,000 How much total revenue from donations should Greenacre report in 20X1? A. $130,000 B. $100,000 C. $30,000 D. $0V

Answer 1

Question

Chapter 13, Problem 4CT

Summary Introduction

Case s ummary: Person GF joined an university KS as a head coach for men’s basketball team with a five-year contract with a salary of $300,000. In case of breach of contract by GF, he will be liable to pay liquidity damages that will be equal to the salary received by him, multiplied by the number of years remaining for the expiry of the contract. GF left the college four years before the termination of the contract. GF joined another university B at a salary of $700,000. University KS filed a suit in Ohio state court against GF. The court enforced the liquidity damages clause and awarded the university $1.2 million. GF appealed arguing that the liquidity damage clause was an unenforceable penalty.

To e xplain: The impact of the record of the basketball team on the decision of the court.

Expert Solution & Answer

Trending nowThis is a popular solution!

See solution

Check out sample textbook solution

Students have asked these similar questions

During the year ended December 31, 20X1, Greenacre Hospital received the following donations stated at their respective fair values: Essential specialized employee-type services from members of a religious group $100,000 Medical supplies restricted for indigent care from an association of physicians and used for such purpose in 20X1 30,000 How much total revenue from donations should Greenacre report in 20X1? A. $130,000 B. $100,000 C. $30,000 D. $0V

in united states supreme court through (22 term October 2022-present) the Andy Warhol Foundation for the Visual Arts, Inc. v. Goldsmith case what is it about and why was it important and why should people choose that particular case? Andy Warhol Foundation for the Visual Arts, Inc. v. Goldsmith

A local builder offers to place with you insurance on every house he/she builds while it is under construction. In return, he/she wants you to allow him/her 20 % discount off the premium required by insurers. How would you respond to comply with RIBO Regulations? OA) You can only allow a five percent (5%) discount because of your overhead and expenses. OB) You will pay the builder a flat $10.00 fee for each house, but it is contrary to RIBO Regulations to discount the premium. OC) You refuse to pay the builder anything, since it would contravene RIBO Regulations. OD) You offer the builder a 20% premium refund for those houses that have no claims while under construction.