8) Jeff is single, lonely, and desperate (insert your own Tinder-related joke here...). He is invited to his friend Ricardo's wedding. Jeff does not want to go alone because his friends would harass him (and probably make an offensive t-shirt). So, Jeff offers another professor at ISU $550 to attend the wedding with him and pretend to be dating. The other professor accepts. They attend the event together. Is Jeff legally bound to pay the $550?

• A. Yes. Because the other professor attended the event with Jeff.
• B. No. The contract was intended to commit a fraud about their relationship.
• C. Yes. Only if the agreement is in writing.
• D. No. The other professor did not give adequate consideration.

10) Jim owes Mike $10,000. There is no dispute as to the validity or amount of the debt. Jim tells Mike that his Rolex watch is worth $5,000 and offers Mike the watch in satisfaction of the debt. Mike accepts. Mike later finds out that the watch is really only worth $3,500. Jim thought the watch was worth $5,000 and did not fraudulently represent the value. How much does Jim still owe Mike?

• A. $0. The watch is considered full satisfaction regardless of value.
• B. $10,000. The watch is not consideration since the debt is liquidated.
• C. $6,500. The watch is consideration but only for the actual value of the watch.
• D. $5,000. The watch is consideration and they agreed it was worth $5,000.

11) Which of the following might be adequate consideration for a valid contract?

• A. Agreement to perform a tort
• B. Past consideration
• C. Agreement to complete a previous legal duty
• D. Companionship