Question: 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.

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 agrees. Before Rex pays him 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

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