"A contract is an agreement that can be enforced in court. It is formed by two or more competent parties who agree to perform or to refrain from performing some act now or in the future," (Miller 229). The elements of a valid contract are agreement, consideration, contractual capacity, and legality. However, even if the contract consists of all those four elements, the contract may become unenforceable if it's lacking genuineness of assent or is not in the required form. There must be a serious intent by the offeror to become bound by the offer, and the offer must be communicated to the offeree. There was a ...view middle of the document...
There was a valid contract made between the two parties, however it became an executory contract because it was not fully performed when LaJaunnie was terminated from the job. The offer was terminated when he was fired from the job and therefore was not able to complete the requirements for the year in managing, designing, and renovating the restaurant.
Considering the results of LaJaunnie being terminated within weeks of having the job at the restaurant, the alleged contract will not be performed in one year. Since LaJaunnie wasn't able to carry out his part of the contract and perform for a year managing the restaurant, he shouldn't be able to purchase a one-third interest in the restaurants' stocks.
The Statute of Frauds is "a state statute under which certain types of contracts must be in writing to be enforceable." The contract between DaGroass and LaJaunnie may be enforceable under the Statute of Frauds. Although the Statute of Frauds contains some written requirements so there is reliable evidence of the contracts and their terms, there is also an enforcement of oral promises such as in this case. The contract allows a party to sue and obtain relief when a promise or contract had been breached. Due to this contract, LaJaunnie can technically fight in court by using the Statute of Frauds as a technical defense even if he is the party who has breached a genuine and mutually agreed-on oral contract.