Please indicate whether the following statements are TRUE or FALSE by circling the most appropriate response. 1. Generally, an offeree is not bond if he remains silent to an offer 2. The general rule is past consideration is good consideration 3. The parole evidence rule states the written terms of a contract is not normally varied by oral or other evidence extrinsic to the document 4. The sole trader is not liable for all the losses that the business will undergo. 5. A partnership does not have to indemnify a partner for any expense incurred doing the firm's business