Indicate whether each of the following statements is true or false by writing T or F in the answer column.
1. All agreements between two competent parties are contracts. 1. ___________
2. Written contracts must be handwritten to be legally enforceable. 2. ___________
3. Implied contracts are those dealing only with personal transactions. 3. ___________
4. Entire contracts are those composed of several related parts. 4. ___________
5. To be legally enforceable, contracts must be in writing. 5. ___________
6. Contracts do not need to be stated in legal language. 6. ___________
7. Implied contracts are neither oral nor written. 7. ___________
8. The terms of express contracts are specifically stated. 8. ___________
9. A contract is considered executed as soon as all parties have performed all parts of it. 9. ___________
10. In a contract between a minor and an adult, the adult must perform his or her part of the agreement unless or until the minor decides to withdraw. 10. ___________