On October 10 of this year Ms. Rich gave a gift of $10,000 to Mr. Broke. The next day, on October 11, Broke said to Rich that "in consideration and exchange for my receipt of $10,000 from you yesterday, I am offering my promise to paint the outside of your house with whatever paint you want, within one month, at no cost to you."Rich says to Broke: "I accept your offer."

QUESTION: Was a contract formed?Explain in detail and be sure demonstrate your understanding of any relevant legal principle(s).