Smith and Roberson's Business Law 16th Edition by Richard Mann,Barry Roberts

Exercise 2

On July 5, 2003, Richard Price signed a written employment contract as a new salesman with the Mercury Supply Company. The contract was of indefinite duration and could be terminated by either party for any reason upon fifteen days' notice. Between 2003 and 2011, Price was promoted several times. In 2008, Price was made vice president of sales. In September 2011, however, Price was told that his performance was not satisfactory and that if he did not improve he would be fired. In February 2014, Price received notice of termination. Price claims that in 2008 he entered into a valid oral employment contract with Mercury Supply Company wherein he was made vice president of sales for life or until he should retire. Is the alleged oral contract barred by the one-year provision of the statute of frauds?