![BUSINESS LAW (LOOSE)-W/ACCESS >CUSTOM<](https://www.bartleby.com/isbn_cover_images/9781305768697/9781305768697_smallCoverImage.gif)
Case summary:
In 1966, at the age of seventeen, Person A began working for company P. She had reached the rank of a bookkeeper, chief of office and right-hand treasurer by 2004. The Pfeiffer board of chiefs, in recognition of their capacity, dedication, and long service time, agreed to increase the month-to-month salary of Individual A to $4,000 and make a retirement plan. The agreement allowed Feinberg to be granted the privilege of withdrawing from the complex contract if she wished to accept a retirement payment of $2,000 per month for life, even though the board expressed the faith that Person A would continue to represent the organization for a long time. Person A, as it may be, agreed to resign two a long time later. Company F has paid her retirement pay to Person A until 2013. The business suspended instalments from that point on.
To discuss: The arguments that he company’s promise is not enforceable.
![Check Mark](/static/check-mark.png)
Want to see the full answer?
Check out a sample textbook solution![Blurred answer](/static/blurred-answer.jpg)
Chapter 12 Solutions
BUSINESS LAW (LOOSE)-W/ACCESS >CUSTOM<
- How does ratification affect the rights and obligations of the principal and the agent in relation to each other?arrow_forwardWhat are the essential elements that must be present in a contingent contract for it to be valid and enforceable?arrow_forwardWhy is past consideration no consideration at all? The adequacy of past consideration is difficult to determine. Past consideration is considered to be illusory. Past consideration may involve parties who are not involved in the current contract. Past consideration was provided before the current contract was made, and the current contract requires a benefit that has not yet been conferred.arrow_forward
- 2) A fiduciary relationship is one based on trust and explicit or implicit contract that creates economic incentives for the different parties. Select an alternative True Falsearrow_forwarddelivering cash or another financial asset. However, Entity A's - Entity A issues an instrument that is re-purchasable by delivering cash or another financial asset. However, Entity A's contractual obligation to repurchase the instrument is conditional on the holder (the counterparty) exercising its right to redeem. Which of the following statements is correct from the perspective of Entity A? The instrument is a financial liability because when the holder exercises its redemption right, Entity A does not have the unconditional right to avoid making the а. payment. b. The instrument is an equity instrument because Entity A's contractual obligation to deliver cash or another financial asset is conditional on the holder exercising its right to payment. c. Entity A initially classifies the instrument as an equity с. instrument. However, when the holder exercises its redemption right, the instrument is reclassified to financial liability. d. The instrument is classified as a financial…arrow_forwardIs there provision for payment of interest on delayed gratuity and what penalties exist for non-compliance with the Gratuity Act?arrow_forward
- Use a clear example to demonstrate when a valid and legal contract can be declared void and explain the reasons behind such a decision.arrow_forwardPlease discuss what are the essential elements that must be present in a contingent contract for it to be valid and enforceable?arrow_forwardWhat is the Statute of Frauds and to what type of agreements does it apply?arrow_forward
- Understanding BusinessManagementISBN:9781259929434Author:William NickelsPublisher:McGraw-Hill EducationManagement (14th Edition)ManagementISBN:9780134527604Author:Stephen P. Robbins, Mary A. CoulterPublisher:PEARSONSpreadsheet Modeling & Decision Analysis: A Pract...ManagementISBN:9781305947412Author:Cliff RagsdalePublisher:Cengage Learning
- Management Information Systems: Managing The Digi...ManagementISBN:9780135191798Author:Kenneth C. Laudon, Jane P. LaudonPublisher:PEARSONBusiness Essentials (12th Edition) (What's New in...ManagementISBN:9780134728391Author:Ronald J. Ebert, Ricky W. GriffinPublisher:PEARSONFundamentals of Management (10th Edition)ManagementISBN:9780134237473Author:Stephen P. Robbins, Mary A. Coulter, David A. De CenzoPublisher:PEARSON
![Text book image](https://www.bartleby.com/isbn_cover_images/9781259929434/9781259929434_smallCoverImage.gif)
![Text book image](https://www.bartleby.com/isbn_cover_images/9780134527604/9780134527604_smallCoverImage.gif)
![Text book image](https://www.bartleby.com/isbn_cover_images/9781305947412/9781305947412_smallCoverImage.gif)
![Text book image](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9780135191798/9780135191798_smallCoverImage.jpg)
![Text book image](https://www.bartleby.com/isbn_cover_images/9780134728391/9780134728391_smallCoverImage.gif)
![Text book image](https://www.bartleby.com/isbn_cover_images/9780134237473/9780134237473_smallCoverImage.gif)