QUESTION 1 X and Y have a contract which obligated X to sell Y 100 boxes of screws for $100. The parties orally modify the contract so that X will sell Y the same 100 boxes of screws for $125. The second agreement is A. binding because it is due to unforeseeable situation. B. binding by virtue of being mutually agreed on. C. not binding because it is an outputs contract. D.not binding due to the promise of performing a preexisting legal obligation. QUESTION 2 Velma has long coveted Joshua's Picasso. When Velma hears that Joshua is in dire financial straits (which situation is not Velma's fault), she offers him $5,000 for the painting. Although the painting is worth many times that, Joshua is desperate for cash and accepts her offer. Sometime thereafter, when Joshua is back on his feet financially, he seeks to rescind the contract and recover the painting on grounds of economic duress: A. Joshua will probably win. B. Joshua will lose. C. Joshua will win, but only if he can prove that Velma knew the true value of the painting. D. Joshua will win because of mutual mistake as to value