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True of false A contract is created when an offer is communicated. (F) A contract is created when an offer is accepted. (T) The law does not require parties of contract to be fair, or kind. (T) Law requires that parties of contract shall share gains and losses equitably. (F) Contract arise out of agreements, so a contract may be defined as an agreement creating an obligation. T A contract is the performance of which the law in some way recognizes as a obligation. T A contract has six elements, includes an agreement, supported by consideration, between any parties. F Parties to a contract may be decribed generally as promisor or obligor and promise or obligee. T An offer and an acceptance are necessary part of an agreement. T The law also protects some contracts that parties to be unfair ,or unkind, or unreasonable. T A contract under seal is binding at common law solely because of its formality, T A contract of record is an agreement or obligation that has been recorded by a written promise. F Informal contracts include oral or written contracts. T In terms of effect, an implied contract is the same as an express contract, T All contracts other than formal contracts are informal or simple T Quasi contract are implied to prevent unjust enrichment when there is no contract. T An implied contract cannot arise when there is an existing express contract on the same subject. T Only formal contracts are enforceable. F Simple contracts may be classified as express or implied contract according to the way they are created T Quasi contracts are obligations imposed by law. Contracts can be voided because of illegality. T Offeree has no choice to accept or reject F At an auction sale, the statements made by the auctioneer to draw forth bids are merely invitations to negotiate. T A bid at an auction is an offer. T A bidder at an auction sale may withdraw the bid at any time before it is accepted by the auctioneer. An invitation to negotiate is not an offe