When the Parties Have Not Agreed in Advance,courts Must Make

question 24

True/False

When the parties have not agreed in advance,courts must make the decision about which court has jurisdiction and what law applies.

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Definitions:

Economic Payoff

The return or financial outcome received from an investment, decision, or policy, typically expressed in terms of profit or cost savings.

Behavioral Economics

A field of economic research that incorporates psychological insights into human behavior to explain economic decision-making.

Irrational

Describes a decision maker who chooses an option that leaves him or her worse off than choosing another available option.

Rational Decision

A decision-making process that is based on making choices that result in the optimal level of benefit or utility for the individual.