Bob is a professor at a Midwest university. One day the president of the university decides to sit in and monitor Bob's class. At the end of class, the president has tears streaming down his cheeks. When Bob asks the president what is wrong, the president replies. " I had no idea what a great teacher you were and we pay you so lowly." Bob replies: "Correct on both counts."

The president then says, in front of the entire class: "Effective immediately, I am giving you (Bob) a $10,000 bonus".

Bob is happy; he is a more cheerful teacher and feels he is better appreciated. In anticipation of receiving the $10,000 bonus, he goes out and trades his old car in on a new sports car.

At the end of the semester, when Bob gets his paycheck, he notices the bonus is not there. Bob panics because he knows he cannot afford to make the car payments without that $10,000 bonus.

Bob calls the president but the president refuses to take Bob's calls. Bob comes to you, a business law student and asks for advice.

What should/can Bob do ? Choose a course of action for Bob, and using textbook terminology, explain why you think Bob will or will not ultimately be successful in receiving the $10,000 bonus.