True or false questions: 1) a contract must be in writing to be valid : T/F 2)consideration is something that is exchanged between the parties necessary for a contract to be valid: T/F 3) in order for a contract to be valid, both parties must have capacity to understand the terms and nature of the agreement: T/F 4) an express contract is one that is inferred by the partie's conduct : T/F 5) a simple contract is signed, witnesses and marked with a seal : T/F 6) the offer or of a transaction is the party to whom an offer is made: T/F 7) an invitation to treat is when a company or business encourages the purchase of a product or service through advertising: T/F 8) An offer need not to be communicated as it can be implied ; T/F 9) a counter offer ends the original offer: T/F 10) consideration must be relatively equal or comparable in order for a contract to be valid