What are the four requirements of a valid contract

Assignment Help Business Law and Ethics

Reference no: EM133478169

Problem

Mitsui Bank hired Ross Duncan as a branch manager in one of its Southern California locations. At that time, Duncan received an employee handbook informing him that Mitsui would review his performance and salary level annually. In 2020, Mitsui decided to create a new lending program to help financially troubled businesses stay afloat. It promoted Duncan to be the credit development officer (CDO) and gave him a written compensation plan. Duncan's compensation was to be based on the new program's success and involved a bonus and commissions based on new loans and sales volume. The written plan also stated, "This compensation plan will be reviewed and potentially amended after one year and will be subject to such review and amendment annually thereafter."

Duncan's efforts as CDO were successful, and the business-lending program he developed grew to represent 25 percent of Mitsui's business in 2021 and 40 percent by 2023. Nevertheless, Mitsui refused to give Duncan a raise in 2021. Mitsui also amended Duncan's compensation plan to significantly reduce his compensation and to change his performance evaluation schedule to every six months. When he had still not received a raise by 2023, Duncan resigned as CDO and filed a lawsuit claiming breach of contract.

A. What are the four requirements of a valid contract?

B. Did Duncan have a valid contract with Mitsui for employment as a credit development officer? If so, was it a bilateral or a unilateral contract?

C. What are the requirements of an implied contract?

D. Can Duncan establish an implied contract based on the employee manual or the written compensation plan? Why or why not?

Reference no: EM133478169

Questions Cloud

Conduct research online or in the walden library : Identify an idea, fact, or statement in the video that inspires you to learn more. Conduct research online or in the Walden Library and identify one

What are your thoughts on cloud computing and virtualization : What are your thoughts on cloud computing and virtualization? Is it a prudent business decision for companies? What are the benefits? What are the risks?

How the form of the currency exchange rate is determined : Define and discuss how the form of the currency exchange rate is determined and its implication for business.

Review the case study found in the learning resources : Review the case study found in the Learning Resources. Adopt one of the following perspectives through which to view and discuss

What are the four requirements of a valid contract : What are the four requirements of a valid contract? Can Duncan establish an implied contract based on the employee manual or the written compensation plan?

Identify what pii is as related to cybersecurity : Identify what PII is as related to cybersecurity. How could this information be used to steal the identity of another person?

Describe the arrangements into which you would enter : Describe the arrangements into which you would enter with your Pamonian agent. What implications would this have for Flyboy's profit margin?

Collection of apache web server : For Windows systems, you can install an application called Xampp which is a collection of the Apache Web Server,

Why is this a complex issue : why is This a Complex Issue? Importance of this issue, Stakeholder Analysis, Political Activity, Recommended Solution, Conclusion.

User Account

All Pages