1)One of the four requirements of a valid contract is a fair price. True or False?

2) The term consideration refers to the legality of the subject matter of a contract. True or False?

3)Occasionally, the courts award punitive damages in tort cases to punish the wrongdoer and deter others from similar wrongdoing. True or False?

4)In a contract for a sale of goods, a common measure of compensatory damages is the difference between the contract price and the market price, which is the actual loss. True or False?

5) People who keep dangerous animalscan be held strictly liable for any harm inflicted by the animals. True or False?

6) When a person turns 18, they can decide whether or not they want to be bound by agreements they made when they were a minor. True or False?

7)The goal of tort law is to put a plaintiff in the position that he or she would have been in had the tort not occurred. True or False?

8) Liquidated damages provisions are enforceable, regardless of the amount of the damage award listed in the contract, to be paid in the event of a breach. True or False?