Elements of a ContractSuppose 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.” Describe and analyze the five elements of a contract that must exist for this agreement to be enforceable. Explain why this contract is governed by common law or the Uniform Commercial Code (UCC). Examine at least two circumstances in which this non-compete agreement would be unenforceable. Submit a four- to five-page paper (not including title and reference pages). Your paper must be formatted according to APA style as outlined in the approved APA style guide and must cite three scholarly sources in addition to the textbook

1. Liability, defenses, and discharge Several ethical issues reside in the law of negotiable instruments.  For example, fraud in the inducement is treated as a personal defense and fraud in the inception is treated as a real defense.  Or, the definition of "value" for purposes of a holder-in-due-course being different from the definition of "consideration", with an unfulfilled promise qualifying as consideration but not considered as "value given" under Article 3. What is the purpose and effect of eliminating the holder-in-due-course provisions for consumer credit transactions (FTC rule)?  Will doing so raise the cost of borrowing for these consumers?  2. Banking For this DT, let's look at some issues in banking.  The law generally places the risk of forgery on the payor bank, yet places the risk of unauthorized completion of the drawer.  Is this fair?  What factors would justify a difference in the liability of the bank or a difference in the liability of the drawer?  Banks have rigid and short deadlines to decide whether or not to pay items.  The midnight deadline may force a bank into making payment decisions before it has adequate information.  Is this fair?  

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