In the Formation of a Contract,the Intention of the Parties

question 69

True/False

In the formation of a contract,the intention of the parties may be just as important as the essential elements of the contract.

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Definitions:

Expected Monetary Value

Expected Monetary Value (EMV) is a concept in decision-making that calculates the anticipated wealth from an investment or decision under uncertainty.

Additional Information

Information or data provided that supplements or clarifies existing material.

Without Additional Information

A phrase indicating that no further data or specifics are provided beyond what has been already given.

EVSI

Expected Value of Sample Information, a concept in decision theory that quantifies the value of gathering additional information before making a decision.