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Essay / Evaluating the Components of a Contract - 1160
Most, if not all, managers will likely find themselves working with contracts on a consistent basis. Often, a manager will be presented with contracts that they will need to sign or review in order to hire a candidate. Contracts are also used when purchasing goods for commercial or other purposes. Regardless, managers and others need to understand the contract law process. For the purposes of this article, this author will discuss the process or mechanisms of contract law. Furthermore, in this article, the author used the presented scenario as a basis for discussion. The storyline is about a chef hired by a hotel on a two-year employment contract. Two years later, the chef was offered a job in a second hotel. The problem for the chef was a section of the current contract he signed with the "Fabulous Hotel" which stated: "The signatory below agrees not to work as a chef for any other hotel in the same metropolitan area for a period of two years after leaving our job. Using this scenario, this author will examine and explain the "five elements of a contract" that are a necessity for the contract to be enforceable. “The Five Elements of a Contract” A contract between two parties must have certain elements to be considered tangible or authentic. The elements of the contracts will contain enforceable and therefore legal guarantees (Seaquist & Coulter, 2012). For a contract to be legal, the promises included in the contract must meet specific criteria. A valid contract simply means that it can be enforced in court (Seaquist & Coulter, 2012). According to Seaquist & Coulter (2012) "a valid contract to be formed and enforceable by a court, each of the following...... middle of paper...... Bass, AN, & Yeargain, JW (2007). You Belong to Me: Employer attempts to prevent employees from quitting to work for competitors through non-competition agreements in employment contract laws. Journal of Legal, Ethical and Regulatory Issues, 10(2), 13-23. Retrieved from http://search.proquest.com/docview/216238808?accountid=32521 Knobler, M.D. (2012). A dual approach to contractual remedies. Yale Law & Policy Review, 30(2), 415-460. Porter, WG, II and Griffaton, MC (2002). Use non-competition agreements to protect legitimate business interests. Journal of Defense Lawyers, 69(2), 194-202. Retrieved from http://search.proquest.com/docview/220671349?accountid=32521Seaquist, G. and Coulter, K. (2012). Business law for managers. San Diego, CA: Bridgepoint Education, Inc. Shurman, L. (2007). The Dos and Don'ts of Non-Compete Agreements. Business/Salt Lake City, 36(49), 18-19.