Explain whether the company will prevail

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Reference no: EM131377878

Anna Feinberg began working for the Pfeiffer Company in 1960 at age seventeen. By 1997, she had attained the position of bookkeeper, office manager, and assistant treasurer.

In appreciation for her skill, dedication, and long years of service, the Pfeiffer board of directors resolved to increase Feinberg's monthly salary to $4,000 and to create for her a retirement plan. The plan allowed that Feinberg would be given the privilege of retiring from active duty at any time she chose and that she would receive retirement pay of $2,000 per month, although the Board expressed the hope that Feinberg would continue to serve the company for many years. Feinberg, however, chose to retire two years later. The Pfeiffer Company paid Feinberg her retirement pay until 2006.

The company thereafter discontinued payments, alleging that no contract had been made by the board of directors, because Feinberg had paid no consideration, and that the resolution was merely a promise to make a gift. Explain whether the company will prevail.

Reference no: EM131377878

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