I think we all agree it's time for ME to go, BUT.....

[DancingBear]

Originally posted by dcentity2000
Actually, most of the time it would. Remedies are available to the aggrieved party including damages, termination and continuing. Having just done quite a large thesis upon the subject you can guess just how reluctant I'm going to be to elaborate on that!

Yes, remedies are available under the terms of the contract, but the contract is not "void". As my Black's Law Dictionary says, "void" means "null; ineffectual; nugatory; having no legal force or binding effect...." If the contract was truly void, neither party would have any obligations thereunder. I haven't written any theses on the subject, but I am licensed to practice law in 3 states and the District of Columbia, and have been doing so for 17 years.

Big payouts will probably be listed under a limitation clause somewhere in the contract.

I didn't spell them out, but the payoff is under a clause describing what happens if Eisner terminates under the clause I quoted, or if the Company terminates him without cause. Basically, he gets a chunk of cash, bonus payments for the remainder of the term, and all of his stock options become immediately fully vested.

Of course, most contracts can be worked around - in this case, though, Id guess that both parties have agreed to a breach and a termination, followed by immediate renewal with no transitional stage. Weird, huh? But it works

Actually, I would expect that the contract will never be terminated; rather, it will be amended, or amended and restated, to change the provisions affected.