True/False Indicate whether the statement is true or false. 1. A misdemeanor is a crime punishable only by a fine. 2. A stolen credit card is more likely to hurt a consumer than a merchant. 3. The only requirement of a valid contract is that it be voluntarily entered into 4. No offer may be revoked before it is accepted. 5. An executed contract is one that has been fully performed. 6. An offeror must have a serious intention to become bound by the offer. 7. Under federal law, an electronic signature can be as valid as a signature on paper, 8. In contract law, "consideration" refers to the courtesy that one party shows another in negotiating a deal. 9. If the parties to a contract attach materially different meanings to a contract term, the contract cannot be rescinded 10. An expert's false statement to a naive buyer about a technical detail will not usually entitle the buyer to rescind a contract 11. Misrepresentation of a material fact cannot occur through words alone. 12. Parol evidence includes testimony of communications between the parties that is not contained in the contract itself