There Is No Contract Unless Each Party Intends to Create

question 29

True/False

There is no contract unless each party intends to create a legally enforceable contract.

---

Definitions:

Random Variation

The inherent unpredictability in the outcomes of a process, often analyzed in statistical contexts to understand or model data.

Cyclical Effect

A pattern of fluctuations in a time series that corresponds to cycles in the broader economy, often related to business or economic conditions lasting more than a year.

Exponential Smoothing

A time series forecasting method for univariate data that applies smoothing factors to make forecasts.

Smoothing Constant

A parameter used in exponential smoothing forecasting methods to control the rate at which older observations are dampened.