The offeree is the party who makes an offer to enter into a contract. Select one: O True O False16 Gift promises lack consideration. ed Select one: out of O True O False questionA valid informal contract is just as enforceable as a valid formal contract. Select one: O True O FalseThe mailbox rule is a rule which states that for an acceptance to exist, the offeree must accept the terms as stated in the offer. Select one: O True O FalseA promise must be supported by a bargained-for consideration that is legally sufficient. Select one: True O False