Set forth the eight real defenses and explain their significance.

Real defenses are as follows:
1. Infancy (being below the legal age of consent), to the extent that it makes a contract void.
2. Duress, to the extent that it makes a contract void.
3. Lack of legal capacity, to the extent that it makes a contract void.
4. Illegality of the transaction, to the extent that it makes a contract void.
5. Fraud in the factum.
6. Discharge through insolvency proceedings (bankruptcy).
7. Forgery.
8. Material alteration.
The significance of real defenses is that they apply to all parties, including holders in due course.