Law for Business 10th Edition by James Barnes,Terry Dworkin,Eric Richards

Exercise 1

Powell worked for 13 years for CAIRE and then became its CEO and president. Later, the parent company of CAIRE became controlled by a group of investors. The president of the parent company asked Powell to resign but wanted him to continue to attend trade association meetings and lobby on CAIRE's behalf. He was also asked to tell people his resignation was voluntary. Powell said he was promised that he would be paid $125.456 per share for his stock in the parent. Powell did as requested for three months until asked to stop. When the company refused to pay him $125.456 for the stock, he sued. Did the agreement between Powell and the president of the parent lack consideration? Why or why not?