“There must also be ‘consideration’.”
There was: $5,000,000. The promise to pay $5,000,000 was the consideration.
Let’s say you want someone to paint your house. You promise to pay a house painter $10,000 to paint your house. He paints your house. You owe him $10,000. A signed contract is not necessary: The fact you offered to pay someone for doing something, and he did it, obligates you.
Offer...Acceptance...Consideration. Contract.
Thanks for the clarification. I was thinking about goods. I neglected to consider services.
I guess I’m not yet ready for TV’s People’s Court. 🤔