$11.$ Mistakes relating to contracts may be concerned with the nature of the subject matter or the quality of the subject matter.

True

False

$12.$ Consideration in a contract may be more than just the promises exchanged by the parties; it may include the actual benefit gained and the detriment suffered by them.

True

False

$13.$ A valid contract may exist even if the consideration is a promise to perform an illegal act, or to avoid performing an act that is legally required to be performed.

True

False

$14.$ Consideration required in an enforceable contract can take various forms such as exchange of promises, forbearance, and pledges or subscriptions.

True

False

$15.$ The exchange of money is a mandatory requirement for a consideration.

True

False

$16.$ Past consideration is a promise to repay someone for a benefit before it has been received.

True

False

$17.$ In any state a minor may disaffirm any contract, including contracts for necessaries, such as food, shelter, clothing, employment, and medical care.

True

False

$18.$ If the parties to a contract are legally competent and have reached mutual agreement, the law does not require that the purpose of the agreement be legal.

True

False

$19.$ Examples of agreements that violate government statutes, and are unenforceable by the courts, are gambling and wagering agreements.

True

False

$20.$ Agreements by an executor or administrator to pay debts of a deceased person must be in writing to be enforceable.

True

False