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Alex_Xolod [135]
2 years ago
8

While under contract to play professional basketball for the Philadelphia 76ers, Billy Cunningham, an outstanding player, negoti

ated a three-year contract with the Carolina Cougars, another professional basketball team. The contract with the Cougars was to begin at the expiration of the contract with the 76ers. In addition to a signing bonus of $125,000, Cunningham was to receive under the new contract a salary of $100,000 for the first year, $110,000 for the second, and $120,000 for the third. The contract also stated that Cunningham "had special, exceptional and unique knowledge, skill and ability as a basketball player" and that Cunningham therefore agreed the Cougars could enjoin him from playing basketball for any other team for the term of the contract. In addition, the contract contained a clause prohibiting its assignment to another club without Cunningham’s consent. In 1971, the ownership of the Cougars changed, and Cunningham’s contract was assigned to Munchak Corporation, the new owners, without his consent. When Cunningham refused to play for the Cougars, Munchak Corporation sought to enjoin his playing for any other team. Cunningham asserts that his contract was not assignable. Was the contract assignable? Explain.
Business
1 answer:
denpristay [2]2 years ago
5 0

Answer:

Billy Cunningham and the Cougars

The contract was not assignable to another club.

But, the contract (assets and liabilities) can be inherited by a successor entity using the same club, the Cougars.

Explanation:

The contract was not assigned to another club, despite the change of ownership of the Cougars.  Interestingly, the contract between Cunningham and Carolina Cougars was inheritable with the change of ownership of the Cougar Club from the formers owners, Carolina Cougars, to the new owners, Munchak Corporation.  The clause prohibiting the contract's assignment to another club without Cunningham's consent was not violated.

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Answer:

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PMT=0

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Enter these in a financial calculator

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Explanation:

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3 years ago
Pool Corporation, Inc., is the world's largest wholesale distributor of swimming pool supplies and equipment.
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The journal entries are shown below:

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 To Allowance for doubtful debts A/c  $3,378

(Being bad debt expense is recorded)

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(Being written off amount is recorded)

2. The computation of the net sales is shown below:

= Gross sales - sales discount - sales return - credit card fees

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= $136.287

A journal entry is the act of preserving or making facts of any transactions either monetary or non-monetary. Transactions are indexed in an accounting magazine that shows a organization's debit and credit score balances. The magazine entry can include numerous recordings, every of which is both a debit or a credit.

A journal entry is used to record a commercial enterprise transaction in the accounting information of a commercial enterprise. A magazine entry is commonly recorded in the trendy ledger; as a substitute, it can be recorded in a subsidiary ledger that is then summarized and rolled ahead into the general ledger.

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6 0
2 years ago
There are 8 kinds of sewing machine. Are all of them are used for constructing a garment? Why?
qaws [65]
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A difference between explicit and implicit costs is that a) explicit costs must be greater than implicit costs. b) explicit cost
Andrej [43]

Answer:

Implicit costs do not require a direct monetary outlay by the firm, whereas explicit costs do.

Explanation:

Rent, salary, and other operating expenses are considered explicit costs. They are all recorded within a firm's financial statements, meaning they are present and clearly shown or reported as a separate cost. The main difference between the two types of costs is that implicit costs are opportunity costs, meaning that it is present but it is not initially shown or reported as a separate cost, while explicit costs are expenses paid with a company's own tangible assets. In other words, explicit costs are always shown, implicit costs are not, at least initially, exactly like the meaning words suggest.

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3 years ago
What would be the amount of deposits D, given that the monetary base MB $750 billion, the required reserve rate (r) -0.1, the ex
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Answer:

$574.71 billion.

Explanation:

The formula for calculating amount of deposits is as follows:

D= \frac{1}{(C/D)+rr+(ER/D)}\times MB

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D = 574.71

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