Introduction to Law and Contracts Research Paper - 1

Introduction to Law and Contracts - Research Paper Example It concludes with a signature page, allowing for the signature of the executive, David G. DeWalt; the Executive Vice President and CFO of McAfee Inc.; Jonathan Chadwick, and Renee J. James, Senior Vice President and General Manager, Software and Services Group, Intel Corporation; and the necessary witnesses. This written contract fulfills the definition of an express contract as â€Å"a contract in which all elements of a contract are specifically stated (offer, acceptance, consideration), and the terms are stated, as compared to an "implied" contract in which the existence of the contract is assumed by the circumstances.† (â€Å"Express Contract†, 2005) The Law of Contracts, Treitels classic text defines a contract offer as â€Å""an expression of willingness to contract on certain terms, made with the intention that it shall become binding as soon as it is accepted by the person to whom it is addressed". (Treitel, 2007) In this case the person to whom it is addressed, also known as the offeree, is the party known as the executive, David G. DeWalt. Therefore, the contract offer is made when the contract document is presented to David G. DeWalt and his attorneys or representatives in these contract negotiations. This offer document also contains conditions on which the offer is contingent. The offer is occurring coincident with merger negotiations and is contingent on â€Å"the execution of the Merger Agreement.† Acceptance is therefore a matter of more than the three parties signing the contract in the presence of the required witnesses. This contract can only be considered to have been accepted if the Merger Agreement is also duly signed and witnessed and â€Å"shall become effective immediately preceding the Closing Date, as defined in the Merger Agrement.† Normally an offer of employment is accepted when it is signed before witnesses. However, this employment contract can only be considered accepted if