____1. A binding contract comes into existence when one person says to another, "I'm going to give you my stereo as a gift," and the other replies, "Fine, I'll acceptit."____2. In the past, and still today in some states, a seal on a contract furnishes consideration when none exists.____3. Under a rule of law known as the statute of limitations, certain contracts must be in writing to be enforceable.____4. Contracts for the sale of an interest in real property must be in writing to be enforceable.____5. With four exceptions, contracts for the sale of goods of $600 or more must be in writing to be enforceable.____6. A memorandum may consist of words on a piece of scrap paper, receipt, or check.____7. The law assumes that when a contract is reduced to writing, all of its terms are contained in the writing.____8. When a mutual mistake occurs, a contract cannot be avoided by the parties.____9. When a person is induced by fraud to enter into a contract, it is called fraud in the execution, and the contract is void.____10. Illegal contracts are void; they have no legal effect