4. The chairman of the Board of Directors of Banner Corp. wrote a signed letter to Peter, who is 62 years old and planned to retire at the end of the year, "The corporation will pay you a pension of $100,000 a year for life if you retire as planned, and agree not to take another job in this industry." Peter replied in a signed letter to the Chairman that "I promise to do as you wish." Two years later, Banner Corp. stopped the pension payments. Peter sues Banner Corp. for breach of contract.

(a) Judgment for whom? Fully explain.

(b) Instead of the above letter, assume that at Peter's retirement dinner, the Chairman of the Board of Directors of Banner Corp. said in his speech, "In view of the fact that you had been a faithful employee for thirty years and have resisted efforts of our competitors to hire you away from us, the corporation promises to pay you a pension of $100,000 a year for life." Is Banner Corp.'s promise enforceable by Peter? Fully explain.