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.

---

Definitions:

Elimination By Aspects

A decision-making process where options are eliminated based on specific criteria until one option remains.

Additive Strategy

An approach to decision making that involves considering all the important attributes of a choice and explicitly adding up their respective values to make a decision.

Heuristics

Mental shortcuts or rules of thumb that simplify decision making, but can lead to biases or errors in judgment.

Functional Fixedness

The failure to use familiar objects in novel ways to solve problems because of a tendency to view objects only in terms of their customary functions.