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.

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Financial statements report the fair market value of a company. True False

Answer 1

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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.

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Answer 2

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.

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Answer 3

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.

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Answer 4

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.

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Answer 5

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.

Answer 6

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.

Answer 7

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.

Answer 8

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Ch. 13 - Prob. 1RE Ch. 13 - Prob. 2RE Ch. 13 - Prob. 3RE Ch. 13 - Prob. 4RE Ch. 13 - Prob. 1IS Ch. 13 - Prob. 2IS Ch. 13 - Prob. 1BS Ch. 13 - Prob. 2BS Ch. 13 - Prob. 3BCP Ch. 13 - Prob. 4BCP

Solution Summary: The author explains the impact of a coach's contract on the decision of the court.

Chapter 13 Solutions