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Elements of a Contract. The paper must be four to five pages, excluding the title page and references page(s), and formatted according to APA style as outlined in the Ashford Writing Center.
Address all of the following parts of this assignment:
Suppose that the Fabulous Hotel hires you as head chef under a two-year employment contract. After two years, another hotel wants to hire you. However, in the original employment contract you signed with the Fabulous Hotel, the following paragraph appears: "The below-signed agrees not to work as a chef for another hotel in the same metropolitan area for a period of two years after leaving our employ."
Identify which elements of contract must exist for this agreement to be enforceable. At a minimum, your paper must include a detailed description of the concepts of offer, acceptance, legal consideration, capacity, and legality of purpose. Is this contract governed by common law or the UCC? Why? Discuss under which circumstances this non-compete agreement would be unenforceable.
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Consider the utility function \(U(x,y) = y\sqrt{x}\) a)Does the consumer believe that more is better for each good? b)Do the consumer's preferences exhibit a diminishing marginal utility of x? Is the marginal utility of y diminishing?
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