In February or March, Corning Glass Works orally agreed to retain Hanan as management consultant from May

Question:

In February or March, Corning Glass Works orally agreed to retain Hanan as management consultant from May 1 of that year to April 30 of the next year for a present value fee of $200,000. Was this agreement binding? Is this decision ethical? [Hanan v Corning Glass Works, 314 NYS2d 804 (App Div)]