1. Under contract law, a valid contract requires consideration, capacity and legal purpose.
2. Legal consideration requires the payment of money from one party to another party in order to satisfy the common law.
3. An Offer at common law can be withdrawn by the Offeror at any time before acceptance by the Offeree and no contract is formed
4. At common law, an oral contract is not enforceable due to the Statute of Frauds.
5. At common law, a voidable contract means that either party to the contract can elect to avoid the terms of the contract without any liability.
6. At common law, a void contract exists when two or more of the required elements to form a legal contract are absent from the agreement.
7. At common law, an offer will be irrevocable when it states that it is irrevocable and it is supported by legal consideration.
8. An illusory promise is a promise made in a contract which is definite in its terms and it is not subject to any kind of interpretation.
9. Contracts entered into in order to commit a crime are unenforceable due to the fact that there is no lawful purpose to the contract.
10. At common law, substantive unconscionability occurs when the terms of the contract are partially or totally unreasonably harsh.

True or False?