Nicole (age 60) 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 bachelor's 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 bachelor's degree in Marketing from the Utah College of Business.

At Fred's 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."

Fred responds and says, I did work hard and I deserve the $1000.00.

Mother Nicole hands $1000.00 in cash to Fred.

Questions:

Is there a valid contract between Mother Nicole and son Fred? Why or why not?

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