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Cengage Advantage Books: Law for Business 19th Edition by John Ashcroft,Katherine Ashcroft,Martha Patterson
Edition 19ISBN: 978-1305654921Cengage Advantage Books: Law for Business 19th Edition by John Ashcroft,Katherine Ashcroft,Martha Patterson
Edition 19ISBN: 978-1305654921 Exercise 18
Anthony and Philip Conway were the founders of a publicly traded medical device company called Rochester Medical Corporation (RMC). C.R. Bard Inc. negotiated to purchase RMC, but prior to closing the transaction, C.R. Bard's board required the Conways to each sign a separate five-year non-compete agreement. After the Conways executed the non-compete agreements, C.R. Bard paid shareholders a significant premium for their shares of RMC. The Conways received close to $40 million from the sale. However, shortly after the sale, the Conways regretted signing the non-compete agreements and filed a lawsuit stating that the agreements were invalid for lack of consideration. Were they correct?
Explanation
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Consideration is the price paid to the p...
Cengage Advantage Books: Law for Business 19th Edition by John Ashcroft,Katherine Ashcroft,Martha Patterson
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