Determine whether each statement is True or False and give a short explanation why is it true/false. Answer in no more than two (2) sentences.

1. A contract is the written instrument evidencing the agreements of the parties.
2. An essential element of a contract is that it must always be in writing.
3. When two or more persons form a partnership, they created a relationship and not a contract.
4. If more than two persons entered into an agreement, there is no contract because only two parties are allowed in a contract.
5. Preparation, perfection and signing are the different stages of contract.
6. The essential elements of a contract are consent, object, consideration and two parties.
7. A written contract must be notarized for its validity.
8. A contract to sell and contract of sale are one and the same, it only differ on its name.
9. Ais selling face-shield for 30 pesos, B agreed but asked for 5 pesos discount, hence, there is a perfected contract.
10. Whenthere are three (3) parties in a contract, it is not valid because the number of parties is limited to two (2).