Marine Contractors Company Inc. did various kinds of marine repair work within a 100-mile radius of Boston, Massachusetts. The company maintained a trust fund for the benefit of retired employees. The trust agreement provided that employees who resigned could withdraw their share of the fund after waiting five years. Hurley, a general manager of the company, had accumulated $12,000 in the trust fund. When Hurley resigned, the president of Marine offered to pay his $12,000 immediately if he would agree not to compete with the Marine directly in the Boston area for several years. The parties made a written contract which set forth a "consideration of one dollar and other good and valuable consideration." The contract also stated that the parties have " set their hands and seals" to the contract. Within four months after leaving Marines employ, Hurley began doing repair work similar to that of Marine. Soon after, he organized his own company. hiring two of marines supervisors. Marine sued to stop Hurley from breaking his contract. Hurley defended with a plea of no consideration. Was there consideration, and was Hurley therefore bound to the agreement to not compete? Why or why not?

Marine Contract company, Inc. v. Hurley, 310 N.E.2d 915