Jack is an accountant who works for the firm of Readum & Weep. Jack was approached by Ima Phool, who represents one of Readum's competitors, Numbers R Us. Jack was offered a substantial raise to leave his company and work for Numbers. When Jack's boss

heard this he called him in and said, "If you agree to stay with us for at least five years, I promise that next year you will receive a promotion with a 50% raise, and a 5-year contract." Jack turned down the offer and stayed with Readum. Nine months later Jack was dismissed due to corporate downsizing. Can Jack legally enforce his boss's promise? What theory or theories would Jack use? Discuss fully.

Jack would say that there was a valid offer that he accepted. He would claim that the consideration he provided was his remaining with the company. The contract does not satisfy the statute of frauds because contracts that cannot be performed within one year must be in writing. In the alternative, Jack could probably recover under the theory of promissory estoppel.