Employment Agreement with Executive - Limited Benefits

The essentials of a binding employment contract include the usual principles governing the formation of all contracts:

" an agreement;
" between competent parties;
" based upon the genuine assent of the parties
" supported by consideration;
" made for lawful objective; and
" in the form required by law.

Most written employment agreements should specify a definite term. If it is to run for a definite period of time, the employer cannot terminate the contract at an earlier date without justification. If the employment contract does not have a definite duration, it is terminable at will. This is called employment at will. Under the employment at will doctrine, the employer has historically been allowed to terminate the contract at any time for any reason or for no reason.

This form provides limited benefits (only vacation time) and does not provide for such benefits as retirement and death benefits. This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.