Sam offers Betty his bicycle for $75. Which of the following is an example of an illusory promise on the part of Betty?

Sam offers Betty his bicycle for $75. Which of the following is an example of an illusory promise on the part of Betty? 
A. "I'll take it."
B. "I'll take it if I decide to do so."
C. "I won't pay $75, but I will pay $50."
D. "I'll take it if you will let me try it out first and the brakes work well."
E. "I'll take it if you will buy new tires."

For a court to enforce a promise, ______ must offer consideration. 
A. Only the offeror
B. Only the offeree
C. Only the acceptee
D. Only the acceptor
E. Both sides

Which of the following was the result in the Case Opener in which the attorney sued to recover the value of 3 percent of the defendant's stock based on the fact that he provided a loan to the defending company, and the directors later promised the stock to him? 
A. The court ruled that the attorney was not entitled to the value of the stock because it was offered as a gift.
B. The court ruled that the attorney was entitled to the value of the stock because it was offered as a gift.
C. The court ruled that the attorney was entitled to the value of the stock because it was consideration provided by the company.
D. The court ruled that the attorney was entitled to the value of the stock based on promissory estoppels.
E. The court ruled that the attorney was entitled to the value of the stock both because it was consideration provided by the company and also based on promissory estoppels.

Under the ____, promises based on past consideration may be enforceable to the extent necessary to avoid injustice. 
A. Restatement (Second) of Contracts
B. Uniform Commercial Code
C. Restatement (Second) of Remedies
D. Common law
E. Civil law

A promise to do something that you are already obligated to do is ____. 
A. Valid consideration because it is illusory consideration
B. Valid consideration only in the employment context
C. Valid consideration because it is past consideration
D. Valid consideration only if a sale of goods is involved
E. Not valid consideration

What does the preexisting duty rule mean? 
A. Performance of a duty one is obligated to do under the law is not good consideration.
B. Performance of an existing contractual duty is not good consideration.
C. A bilateral contract is not binding without past consideration.
D. Performance of a duty one is obligated to do under the law is not good consideration, and performance of an existing contractual duty is not good consideration.
E. Performance of an existing contractual duty is not good consideration, and a bilateral contract is not binding without past consideration.