When you use DHCP, more than just the IP address is assigned. The default route is also assigned, as well as at least the primary DNS server.
If you do it manually, you have to be sure to do those things as well. Set the default route using # route add default 1.2.3.4 and add nameserver 2.3.4.5 to /etc/resolv.conf.
You'll also want to make sure you have an entry in /etc/hosts that gives your IP a hostname; the same one that sendmail will be using. Unless there's already forward and reverse mappings done on the network's DNS servers, for the IP/hostname you are using.
(Where 1.2.3.4 is the local IP of your router, and 2.3.4.5 is the IP of your network's primary DNS server.)
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