1. Harry Byrd played professional basketball at the highest level for some fifteen years for the Boston Celtic Corporation. Byrd entered into an agreement with the Celtic Corporation whereby the Celtics would pay Byrd $100,00 per year for life because of his valued service to the organization during the past fifteen years. In addition, harry would make himself available for consultation and advice to the team and he would not coach any other team in the league.

The Celtic Corporation paid Byrd for a period of three years and then refused to

pay repudiating (calling the contract unenforceable) the contract.

The president of the Celtics organization telephones your office and requests a

meeting in the morning. What will you tell him? Will the Celtics be able to use

the defense that Byrds consideration is inadequate to enforce the contract?

Explain in detail.