Legal Envirn of Business Essay Example | Topics and Well Written Essays - 500 words - 1

Legal Envirn of Business - Essay Example On reviewing the executive employment agreement between Jonny Bee Good and the Big Bad Company, there was a valid agreement made on the twenty first day of April in the year 2010. On this issue, the signature part is provided at the end of the terms and provisions’ script. This means that the executive should only sign to the contract after going through the entire script. On allocation of duties, Jonny Bee Good was hired as the president of the company expected to serve with much loyalty, faithfulness, and total devotion. However, the company had the right to modify or change the executive’s position and duties during the term of their agreement. On the issue of compensations, the company offered compensation with respect to its customary payroll practice. Two hundred and twenty five thousand dollars was the executives’ base salary by the Big Bad Cars Company. The salary was to be reviewed annually by the board in accordance to the company’s review polici es and practices. Incentive compensation programs would be in operation whereby the executive would be eligible to in participation. On the issue of termination of the contract, according to the contract, the agreement was supposed to operate in full force with no breakage until the two parties are associated in breaking it. The two parties could only terminate the contract upon agreement. The company could also terminate the agreement in absence of the executive but only upon a written notice, while the company would pay executive the compensation to which he would be entitled. The executive held the right to terminate the contract with or without a good reason but upon a written notice of ninety and thirty days respectively. Contract between the two parties was meant to last for a period of two years according to their agreement. In that case, a total or $450,000 would be entitled for Jonny Bee Good as his compensation after the contract. Centrally