Igor works as a stockbroker for a company. Following procedures that he remembered reading in the company's official policy, he purchased $100,000 worth of shares on instructions from a client. Unfortunately despite Igor's repeated demands, the client refused to pay for those shares. Worse yet, during that time, the value of the shares dropped by 60%. Eventually, the company took control of the account, sold the shares for $40,000, and threatened to sue Igor for $60,000. in the company's view, the whole fiasco was Igor's fault.

Igor, on the other hand, vigorously denied liability, but was unable to find the policy document that he relied on. He was also getting worried that a lawsuit would damage his professional reputation. So, he agreed to pay $50,000 in exchange for the company's promise to drop the matter.

Two weeks later, before actually making the payment, Igor found the lost document, which proved that he could not be held liable in these circumstances.

Questions:

1.Can the company force Igor to pay $50,000?

2.Did Igor incur a contractual obligation to do so?

3.Did company provide consideration in exchange for Igor's promise?