TRUE OR FALSE

1. A contract entered into by a minor is void.
2. An executor contract is one in which one or more of the parties have obligations yet to be performed.
3. Nominal damages are damages the parties stipulate in a contract when it is difficult to calculate the actual amount of damages owed to a non-breaching party.
4. Accord and satisfaction is the substitution of a party to a contract.
5. Restitution is a type of legal remedy.
6. An implied in law contract is one which is inferred by the acts of the parties.
7. The first federal enacted by Congress to bust up monopolies is the Clayton Act.
8. Usurious contracts are contracts the terms of which are not subject to negotiation.
9. Voluntary disablement is pre-performance words that a party cannot or will not perform before performance is due.
10. According to the mailbox rule, an offer is accepted when it is received.
11. Directors oversee the daily operations of a corporation.
12. In Florida, a fictitious name registration must be renewed every ten years.
13. Officers are elected by the shareholders of a corporation.
14. To qualify as a subchapter S corporation, the corporation may have no more than 25 shareholders.
15. The articles of organization formally creates a limited liability company.
16. A partnership must provide each partner with a 2553 form for tax purposes, which indicates each partner's share of income, deductions, and credits.
17. A general partnership may raise capital through equity financing.
18. A certificate of limited partnership must be signed by at least one general partner and one limited partner.
19. A nonprofit corporation has no shareholders.
20. A partnership becomes a limited liability partnership by filing a statement of qualification.