Louis is a recent graduate and he got an interview opportunity at Wal-Mart. Wal-Mart is finally willing to give him a three-year work contract, and Louis will start working for Wal-Mart when he graduates. Louis was very happy, so he accepted the contract with Wal-Mart. But after Louis worked for Wal-Mart for two months, Wal-Mart began to lay off staff, so Louis was afraid of being laid off. Which of the following options is correct?

1.Wal-Mart’s contract to Louis is an illusory contract, so it’s invalid

2.In this case, the fraud law and UCC (Uniform Commercial Code) do not apply

3.Louis’s oral contract with Wal-Mart is mandatory, once Louis has completed his three-year job performance.

4.Since Louis’s contract with Wal-Mart is a oral contract, as long as Louis does not complete his work performance, Wal-Mart can fire him at any time.

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