1. Kris buys TaQuans house for $300,000. If the contract is later disputed in court because the buyer alleges that the price was too high given the market value of the house, the court is likely to declare Kriss consideration

	a.	past.
	b.	inadequate.
	c.	legally sufficient.
	d.	illusory.

2. Addison needed a DJ for a party. She called Taye, a DJ, and told him she would pay $200 if he promised to DJ from 6:008:00 p.m. at Perks on Main Street on August 25. Which of the following statements regarding this situation is true?

	a.	Addison cannot revoke her offer for a reasonable period to allow Taye sufficient time to decide whether to accept.
	b.	Addison is bound to pay if Taye promises to DJ at the appointed date, time, and place according to her offer.
	c.	Addisons proposal is only an invitation to negotiate and not an offer.
	d.	Addison is only liable if she paid Taye a monetary deposit to hold the date open because that would be evidence of an offer.

3. Brent and Carmen are in an auto accident. Brent offers Carmen $2,000 if she promises not to pursue a potential legal claim against him. Carmen agrees in writing. Later, Carmen discovers that it will cost $1,500 to repair her car and $4,000 to cover the medical expenses for a latent injury. The agreement between Brent and Carmen is

	a.	promissory estoppel.
	b.	past consideration.
	c.	a release.
	d.	an illusory promise.