Which of the following statements is false? A contract requires a valid offer and a valid acceptance. Any promises made by the parties-unless they are close relations-must be supported by legally sufficient and bargained-for consideration. Both parties entering into a contract must have the legal capacity to do so. A contract must not be used to accomplish an objective that is illegal. Owen and Paula enter into what Owen later claims is a contract. In deciding whether a valid contract was formed, a court will not look at the circumstances surrounding the transaction. the statements by the parties when they made their agreement. the subjective beliefs of the parties. the ways the parties acted when they made their agreement.