Baxter needs $800 to make his mortgage payment on time. His neighbor Rex knows this. Rex had long admired Baxter's vintage motorcycle, valued at $2,500. Rex tells Baxter that he will pay him $800 for the motorcycle, and Baxter promises to sell the motorcycle at that price. Before Rex pays Baxter the $800, Baxter changes his mind and argues that he has not entered into a binding agreement because the agreement is not a fair exchange. Is Baxter's argument correct? Explain your answer.