Darcy Enters into a Contract with Event Center Inc

question 49

Multiple Choice

Darcy enters into a contract with Event Center Inc. to use its venue for a business meeting. If an ambiguity appears in the contract that outside evidence does not make clear, it will most likely be

• A)interpreted against the party responsible for creating it.
• B)struck from the deal.
• C)construed according to the court's discretion.
• D)applied in favor of the party who drafted the contract.

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Definitions:

Time Inconsistency

The tendency of people to change their plans about future actions due to a preference for immediate gratification over long-term benefits.

Self-Control Problems

Issues related to an individual's difficulty in exercising restraint or choosing long-term benefits over short-term gratification.

Dictators/Proposers

Individuals who make unilateral decisions or offers in the context of economic models or experiments.

Dictator Game

An experimental game in behavioural economics where one player, the "dictator," determines how to split a reward between themselves and another player.