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When American Energy Services (AES) was formed, it soon hired eight employees. These employees said at...

When American Energy Services (AES) was formed, it soon hired eight employees. These employees said at an operational meeting that they were concerned about the continued viability of the company. The vice president in an effort to get them to stay, said that in the event of a sale or merger, the original employees who were still there would get 5 percent of the value of any sale or merger. Seven of the employees were still there when the company was acquired. When they demanded their payment, the company responded that the promise was illusory and lacked consideration. Are they correct? Explain why.

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