Contract law govems all promises. True False Question 3 Failure to perform a moral obligation usually creates legal liability. True False If a contractual promise is not fulfilled, the person who made it may be required to pay monetary damages. True False What a party said when entering into a contract is a subjective fact. True False Question 9 Only one party entering into a contract must have the legal capacity to do so for a valid contract to exist. True False The only requirement of a valid contract is that it be in whatever form the law requires. True False