BUS311_chapter_05

If abc co orders 100 boxes of

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Unformatted text preview: likely to live at least another 50 years. It is true even if Angela in fact lives and works for BCA for ten or fifty years! Some states, however, have become uneasy with oral lifetime contracts and now require them to be in writing. A Promise in Consideration of Marriage The most common type of agreements that come under this section of states’ statutes of frauds are prenuptial agreements in which parties agree as a precondition to marriage how assets will be distributed in case the marriage ends in divorce. The following examples would both need to be in writing and signed by the promisor to be enforceable: rog80328_05_c05_089-110.indd 100 10/26/12 5:37 PM Section 5.4 Unenforceable Contracts and the Statute of Frauds CHAPTER 5 Example 5.17. Ben Billionaire and Greta Gorgeous sign a prenuptial agreement whereby Greta will receive a lump sum of $1,000,000 if the marriage ends in divorce regardless of who sues for divorce and will not be entitled to any other compensation, including alimony or other distribution of marital assets. Example 5.18. John promises to employ Dana as a vice president for advertising if she will marry his son, Harold. Each of the above promises may be enforced if made in writing and signed by the promisor. However, it sh...
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This test prep was uploaded on 04/09/2014 for the course BUS 311 taught by Professor Parker during the Spring '10 term at Ashford University.

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