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I think the issue is that not using it commercially may not actually be consideration depending on how you frame it. Your last sentence could easily be reworded as: "in exchange for nothing, you get the right to use the IP non-commercially." This is definitely not an enforceable contract as constructed under any theory.

Courts haven't yet determined which construction is correct.

Edit: I will also add that I said "of value" not "of monetary value." Lots of things with value don't have well-defined monetary value.