Question

The Pirates of Penzance Company promised to give Blackbeard permanent employment. Blackbeard made a living sailing on his 52-foot yacht. After thinking about the offer for two weeks, Blackbeard sold his yacht at a loss to take the job. Shortly after beginning work, he was discharged by The Pirates of Penzance, which claimed that the contract could be terminated at will. Blackbeard claimed that promissory estoppel prevented the company from terminating the contract. What is a consideration, and was there consideration in this situation? Was Blackbeard correct when he claimed that promissory estoppel prevented The Pirates of Penzance Company from terminating the contract?