Right, but I seem to remember something in various state laws about a contract not being a contract unless there is "consideration" involved, i.e. both parties are receiving something of value. That's why so many transactions are for $1, eg. wealthy CEOs and Arnold Swarzenegger taking a salary of $1, old school buses or old surplus military equipment being sold for $1, etc. Regardless of what's written down, the transaction isn't a valid contract unless both parties receive something.
IANAL, this is all just idle speculation, consult with a real lawyer before you actually rely on this.
That's pretty much what I remember from my business law class, but then again I was often annoyed by the professor's little skits and rarely frequented whole live lectures (search Robert Emerson University of Florida if you haven't had a chance to see what nightmare the students go through).
IANAL, this is all just idle speculation, consult with a real lawyer before you actually rely on this.