TRUE or FALSE. Write T if your answer is TRUE and F if your answer is FALSE 1. Natural obligations are based on positive law and equity is not a consideration. 2. If one of the parties is incapable of giving consent to a contract, said contract is rescissible. 3. Void contracts are those which because of certain defects generally produce no effect at all. 4. A contract undertaken in fraud of creditors is a void contract. 5. A contract which is absolutely simulated or fictitious is an inexistent contract. 6. Unenforceable contracts are those which possess all the essential requisites of a valid contract but one of parties is incapable of giving consent or consent is vitiated by mistake, violence, intimidation, undue influence or fraud. 7. Rescission is a remedy granted by law to the contracting parties and sometimes even to third persons in order to secure reparation of damages caused them by a valid contract. 8. Unenforceable contracts are those that cannot be enforced or given effect in a court of law or sued upon by reason of certain defects provided by law until and unless they are ratified according to law. 9. Contracts entered into behalf of wards and the latter have suffered lesion by less than one-fourth of the value of the things are rescissible contracts. 10. Contracts agreed upon in representation of absentees and the lesion is more than one- fourth of the value of the things are rescissible contracts. 11. Contracts whose objects is outside the commerce of men are void contracts. 12. Contracts whose cause or object did not exist at the time of the transaction are unenforceable contracts. 13. The action to claim rescission must be commenced within five years. 14. Cause is the essential reason or purpose which the contracting parties have in view at the time of entering into the contract. 15. Those entered in fraud of creditors when the latter cannot in any other manner collect the claims due them are voidable contracts. 16. One of the requisites before the remedy of rescission maybe availed of is that the contract agreed upon must be invalid. 17. This kind of agreement must be in writing under the Statute of Frauds "an agreement that by its terms is not to be performed within a year from the making thereof". 18. Unenforceable contracts can be assailed by third persons. 19. A void or inexistent contract can be ratified to make it valid. 20. The remedy of rescission maybe availed of even if the period for the filing the action for rescission has already prescribed.