Introduction to Law and Contracts - Research Paper Example

Introduction to Law and Contracts: Executive Employment Agreement The following discussion will assess and analyze the Executive Employment Agreement (the "Agreement"), dated August 18, 2010 (the "Agreement Date"), entered into by and among McAfee, Inc., a Delaware corporation (the "Company"), Intel Corporation, a Delaware corporation ("Parent"), and David G. DeWalt ("Executive") (collectively, the "parties"). It will identify the type of contract it is, as well as the elements of this contract - offer, acceptance and consideration.

This is an express contract. It is a written agreement extending to 10 pages that clearly and completely itemizes every aspect of the contract from Position and Responsibilities through Compensation and Benefits to all details of termination conditions and obligations. 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 “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.” (“Express Contract”, 2005)The Law of Contracts, Treitels classic text defines a contract offer as “"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 “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 “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 and when the Merger Agreement is also signed.

The considerations in the contract are the quid pro quos. DeWalt agrees to work for Delaware corporations McAfee and Intel, that is his promise. In return, McAfee and Intel offer the compensation and benefits outlined in Part II of the contract. The promise to work for McAfee and Intel is DeWalts consideration and the compensation and benefits for undertaking that employment are McAfee and Intels considerations. The various details of termination are also considerations. DeWalt has various Termination Obligations outlined in Part IV of the contract and McAfee and Intel have various obligations if they terminate his employment outlined in Part III, “At Will Employment; Termination of Employment”.

References “Executive Employment Agreement entered into by and among McAfee, Inc., Intel Corporation, and David G. DeWalt”. (2010). Retrieved from http://contracts.onecle.com/mcafee/dewalt-emp-2010-08-18.shtml“Express Contract”. (2005). The Free Legal Dictionary. Retrieved from http://legal-dictionary.thefreedictionary.com/express+contract.Masten, Scott E., and Edward A. Snyder. (1989) "The design and duration of contracts: strategic and efficiency considerations." Law and Contemporary Problems 52: (1), 63-85.

Treitel, Guenter H. (2007). The Law of Contract, 12th ed., London: Sweet & Maxwell Ltd