Transfers and Contracts

IRL if you sell a player who has not asked for a transfer you then have to pay the player the remainder of his wages he would have earned had he stayed. E.G. If Phil Neville was sold, and he was on 10k a week and one year left on his contract (to the day), Everton would have to pay Neville £520,000 if the sold him. (I think this is what happens, correct me if i'm wrong).

Does this happen in FM08?

I don't think that happens in FM08 or reality as the contract is terminated if both player and club agree to terminate it. If the club accepts an offer for a player and the player agrees to leave, then both parties have agreed to terminate his contract.

I don't think that happens in FM08 or reality.

^^

some clubs would lose out if this happened

This doesn't happen IRL, once a player signs a contract with another team, the previous contract from his former club becomes void, as, obviously, part of that contract is that he play for that team, soon as he pulls on the shirt of another club, irregardless of whether his previous contract had been terminated first, (which in all honesty, would have been done anyway), the contract is worthless