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nimimanagement290final - MGMT 290 Problem 1 Is there a...

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MGMT 290 Problem 1: Is there a contract? Yes there is a very loose contract. A loose contract is a contract that has all 4 elements that make it up which are agreement, consideration, capacity and legality. What makes the contract loose is the lack of the 4 elements. Like minimum consideration, poor agreement and so on. On August 1985 DaGroass orally agreed with Philippe LaJaunnie that in exchange for his contribution in designing, renovating and managing the restaurant he could purchase a one third interest in the restaurant’s stock if the restaurant was profitable in its first year. By contribution LaJaunnie might have also put some money in the restaurant by means of checks which can confirm that there was some verbal agreement and that is why this cash was put. Can the alleged contract be performed within one year? Why or why not? The contract cannot be performed within the first year, but Lajaunnie has a case now if the restaurant is already profitable. Therefore, it may be wise on part of
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