1-Contractual capacity is one element of a valid contract. True OR False 2-Consideration is one element of a valid contract and can be defined as a bargained for exchange of legal value. True OR False 3-When one person renders valuable services to another without an agreement to do so, that person may be entitled to reasonable compensation based on the concept quasi contract or unjust enrichment . True OR False 4- A tells B that A will sell B his car for a fair price. This statement is not a valid offer. True OR False 5- A party extending an offer to enter into a contract is known as the offeror. True OR False 6-An irrevocable offer can be created by an option contract . True OR False