Nicole (age 50) has a son named Fred (age 25).

Fred lives with mother Nicole while Fred is attending Utah College of Business. Fred is a senior pursuing a bachelors degree in Marketing at the Utah College of Business. Fred is a great student and has a 4.0.

On May 1, 2021, Fred graduates with his bachelors degree in Marketing from the Utah College of Business.

At Freds graduation ceremony on May 1, 2021, mother Nicole says the following to Fred: I am giving you $1000.00 because you received a 4.0 in college. Mother Nicole hands the money to Fred.

Question: Is there a valid contract between Nicole and Fred? Why or why not?

What is the legal term of consideration, if any, for the $1000.00 mother Nicole gave to Fred?