Please answer this question

Question 1 (Mandatory) (5 points) Plaintiff's cousin "was badly injured in a work-related accident . .. and subsequently brought a personal injury suit." The plaintiff alleged that he and his cousin entered into a contract providing that his cousin would pay the plaintiff $200,000 "if and when upon receiving settlement of his claim and/or lawsuit for bodily injury." The agreement recited that the $200,000 payment would be made because in the past the plaintiff had "given many gifts and many loans to" the defendant. The "defendant settled his personal injury suit for just under a million dollars, but did not pay plaintiff $200,000.00. Plaintiff then sues defendant for breach of contract. Defendant claims that the promise to pay his cousin $200,000. wss not supported by legally sufficient consideration. Is the defendant correct? Your answer should identify and apply the legal rule(s) that support your analysis