In September, Sharyn agrees to work for Totem Produc- tions, Inc., at $500 a week for a year beginning January 1. In October, Sharyn is offered the same work at $600 a week by Umber Shows, Ltd. When Sharyn tells Totem about the other offer, a Totem representative tears up their contract and agrees that Sharyn will be paid $575. Is the new contract binding? Explain. (See Agreements That Lack Consideration.) Before Maria starts her first year of college, Fred prom- ises to give her $5,000 when she graduates. She goes to college, borrowing and spending far more than $5,000. At the beginning of the spring semester of her senior year, she reminds Fred of the promise. Fred sends her a note that says, "I revoke the promise." Is Fred's prom- ise binding? Explain. (See Exceptions to the Consideration Requirement.) . Check your answers to the Issue Spotters against the answers provided in Appendix D at the end of this text