Question
answer needed asap. Thanks The chairman of the board of directors of Xerxes Corp. wrote a signed letter to Pablo, the president, who is 68
answer needed asap. Thanks
The chairman of the board of directors of Xerxes Corp. wrote a signed letter to Pablo, the president, who is 68 years old and planned to retire at the end of the year. "The corporation will pay you a pension of $100,000 a year for life if you retires and planned, and agree not to take another job in this industry." Pablo replied, "I promise to as you wish," Two years later, Xerxes Corp. stopped the pension payments. Pablo sues xerxes corp. for the current installment.
(a) May he recover? Explain.
(b) Instead of the above letter, assume that at Pablo's retirement dinner, the chairman of the board of directors of Xerxes Corp., in his speech, said "In view of the fact that you have been faithful to Xerxes Corp. for 30 years and have resisted efforts of our competitors to hire you away from us, the corporation promises to pay you a pension of $100,000 a year for life." Pablo stood up and said, "i accpet your pension promise with gratitude." Is Xerxes Corp.'s promise enforceable by Pablo and if not, what would be necessary to make it enforceable? Explain.
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