I. Write TRUE if the statement is true, or FALSE, if otherwise. 1. A contract is a meeting of minds between two persons whereby one binds himself, with respect to the other, to give something or to render some service. 2. The determination of the performance may be left to a third person, whose decision shall not be binding until it has been made known to both contracting parties. 3. Contracts are perfected by mere consent, and from that moment the parties are bound not only to the fulfillment of what has been expressly stipulated but also to all the consequences which, according to their nature, may be in keeping with good faith, usage and law. 4. The obligation is extinguished from the time the characters of creditor and debtor are merged in the same person. 5. In an obligation to deliver a generic thing, the loss or destruction of anything of the same kind does not extinguish the obligation