TRUE/FALSE 1. A contract is a legally enforceable promise. 2. To be enforceable, all contracts must be in writing. 3. A contract can be formed only where the parties have a meeting of the minds. 4. A void contract is one the law ignores regardless of the intent of the parties. 5. Offer and acceptance are necessary elements for the creation of a contract, but they are not the only necessary elements. 6. Consideration requires that only one party to the contract must receive a thing of value. 7. The contract element of "capacity" refers to a party's financial ability to complete the terms of the contract. 8. Courts regularly inquire into the adequacy of consideration in the contract. 9. A contract can formed only by express terms set forth in the contract and the conduct and past dealing of the parties cannot be used to create an implied contract. 10. The "Statute of Frauds" requires that certain contracts must be "in writing