true or false

1. oral contracts for the sale of real property violate the statute of frauds

2. only individuals persons and not corporations can enter into and be bound by contracts

3. a contract does not have to have consideration in order to be a valid contract.

4. implied terms cannot be read into a contract.

5. an offer of "I will make you lunch, if I feel up to it" is an enforceable contract, if you accept the offer, and you provide your friend $5.00 towards groceries for lunch.

6. actual and apparent authorities of agents is the same type of authority.

7. a corporation can be represented in a court of law by any member of its board of directors.

8. a partnership agreement generally provides that a partner's share of distributions or profits is based on his or her contribution to the partnership.

9. a disadvantage to forming a corporation is double taxation.

10. corporate stockholders generally are not personally liable for the corporation's debts and liabilities.

11. The Uniform Partnership Act is also known as the 1997 National Commission on the Uniform Partnership Act.

12. In a general partnership, partners share profits with each other, however, they do not share losses. Losses are sustained by the general partnership itself.

13. A primary disadvantage of a general partnership is that each partner has unlimited personal liability for the debts and obligations of the partnerships.

14. A sole proprietorship itself is recognized as a separate taxable entity from its owner, just like corporations from their stockholders.