Martin, Human Resources Director for Spring Co., sent Lynn the following signed letter: "This letter confirms our offer to you. We will pay for your moving expenses, up to $1,500. Your starting date will be February 1, and you will become eligible for health care benefits as of May 1. You will receive a starting salary of $36,500 annually, with reviews and eligibility for increases at six months, 12 months, and annually thereafter. Vacation will be for two weeks a year after one year." Spring fired Lynn eight months after she started to work, and Lynn sued arguing the letter constituted a memorandum of an oral contract for employment for five years. Is the letter sufficient to satisfy the statute of frauds?
What will be an ideal response?
No, to satisfy the statute of frauds, the memorandum must contain all essential terms of the contract.
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Which of the following is the last step in developing an activity-based costing system?
A) estimating the total quantity of the cost driver B) estimating the total indirect costs of each activity C) identifying the activities D) allocating indirect costs to the cost object
Which of the following are the most visible, but often not decipherable, elements of organizational culture?
A. assumptions B. artifacts and creations C. espoused values D. enacted values
There are no registration requirements for trade secrets.
Answer the following statement true (T) or false (F)
Salashar, Inc.'s balance sheet is as follows:
Cash $1,000,000 Current Liabilities $1,300,000 Other Current Assets $2,000,000 Long-term Debt $4,100,000 Long-term Assets $8,000,000 Common Stock $5,000,000 Retained Earnings $600,000 Total Assets $11,000,000 Total Liab. And Equity $11,000,000 Salashar decides to pay a dividend. Which of the following statements is MOST correct? A) The dividend cannot exceed $1,000,000, the amount of cash available. B) The dividend cannot exceed $600,000, the amount of retained earnings. C) The dividend cannot exceed $11,000,000, the amount of total assets. D) The dividend cannot exceed $1,700,000, the amount of net working capital.