If Someone Were to Flip a Coin Six Times, Which

question 19

Multiple Choice

If someone were to flip a coin six times, which of the following sequences of heads (H) and tails (T) would be most likely?

• A) H H H T T T
• B) H T T H T H
• C) T T T T T T
• D) All of these sequences would be equally likely.

Identify and explain the concept of estoppel and its application in legal disputes.

Recognize the significance of past consideration and its impact on contract enforceability.

Evaluate the role of quantum meruit in compensation for services rendered without a formal contract.

Understand the legal implications of accepting partial debt payments and the principle of accord and satisfaction.

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Definitions:

Commodity Money

Money whose value comes from a commodity out of which it is made, such as gold and silver, which inherently have value.

Goldsmith

A craftsperson skilled in making items of gold.

Ownership Transfer

The process by which the legal rights to an asset are transferred from one party to another, often involving formal documentation.

Fractional Reserve Banking

A banking system in which only a fraction of bank deposits are backed by actual cash on hand and available for withdrawal, enabling banks to lend out more money than they hold.