Hughes and Martin Discussed the Possibility of Martin Entering the Employ

question 114

True/False

Hughes and Martin discussed the possibility of Martin entering the employ of Hughes as the general manager of Hughes's firm.A written contract was prepared and signed by the parties on December 1,1989.The contract provided for a salary of $3,000 per month,and specified that the contract was to run for a period of two years from January 2,1990.On December 28,1989,Hughes notified Martin that he was cancelling the contract.Martin sued Hughes immediately.
-The Statute of Frauds would render the contract illegal if it was not in writing and signed.

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Definitions:

High-Water Mark

The highest peak in value an investment fund or account has reached, often used as a threshold for calculating performance fees.

Standard Oil Trust

A corporate entity created by John D. Rockefeller in the late 19th century, becoming the largest and most famous example of a monopoly through its control of the oil industry.

Corporate Scandals

Incidents involving alleged or actual unethical behavior by people in leadership positions within corporations.

Tying Contracts

Agreements where the sale of one product (the tying product) is conditioned on the purchase of another, often unrelated product (the tied product).