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| Topic: |
Business
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| Number of pages / Number of words: |
19 / 5222 |
Essay's paper body
For an agreement, it must have two parts, and offer and an acceptance. James Smith told his son William the following:
? To move to the island and be VP of corporate finance
? Will get paid one hundred and fifty dollars annually ($150,000)
? And, after two (2) years of service, James Smith will transfer 40 percent of the common stock in the company to William
That, straight forward, is an offer...
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From that statement, William immediately emailed his father an acceptance for these terms, which is the second part that needs to be obtained for an agreement.
The second requirement for a contract is consideration, which is also broken down into two parts. For part 1, "something of legally sufficient value must be given in exchange for the promise; and 2 usually; there must be a bargained-for exchange (243...
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