Determine whether the following statements are TRUE (T) or False (F). Place a "T" or an "F" on the line next to each statement. If the statement is False provide a corrected statement:

1). A counteroffer revokes a prior promise__T__

2). An offeree may designate the medium and manner of acceptance______

3). A unilateral contract includes a promise for performance______

4). Promissory estoppel allows for a non-contract compensation________

5). A contract for an illegal purpose is void ab initio_______

6). Legal consideration is a detriment to the promisee_______

7). At common law, an offer had to contain a "date of the delivery term" ____

8). An illusory promise is proper consideration_____

9). Acceptance of an offer requires voluntary assent_____

10). Only an offeree may revoke an offer______

11) To get out of a contract you must satisfy its requirements_______

12) Damages for a quasi-contract are measured in quantum meruit______

13) A promisor is the prior offeror______

14) Past consideration may be valid if the future contract concerns the same subject matter as the past contract________

15) Revocation of an offer must always be communicated from the offeror to offeree in order to be valid______

16) All valid contracts impose reciprocal obligations responsibilities, and/or duties upon the parties _____

17) A covenant not to sue bars any further action on the covenant itself___

18) The is only one law of contract that applies to all types of contracts____

19) Every valid contract includes a bargained-for exchange___

20) All competent adults may enter into a contract as long as all requirements are satisfied______