Final answer:
The statement about the element of Consideration in contracts is false; it refers to something of value being exchanged between parties, not the time for decision-making. The statement about women not considered legal prior to the 19th Amendment is also false; they were legal persons but lacked many rights.
Step-by-step explanation:
The element of Consideration in a contract does not refer to a period of time for decision-making. Rather, it means that each party must provide something of value in exchange for what is being received. Thus, the statement that consideration means parties must have had a reasonable time to consider their decision before signing is False.
Consideration is a fundamental component of a legally binding contract alongside an offer, acceptance, capacity, and legality. The consideration can take many forms, such as money, physical objects, services, promised actions, or even an agreement not to do something. The key is that it must be something of legal value, and it must be bargained for between the parties.
As for the ratification of the 19th Amendment before which women were not considered legal persons on their own, this statement is False. The 19th Amendment granted women the right to vote, but even before its ratification, women were recognized as legal persons, though with many restrictions on their legal rights and social standing.