There Must Be at Least Three Parties in Order for a Contract

question 12

True/False

There must be at least three parties in order for a contract to be valid.

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Definitions:

Program Evaluation and Review Technique

The Program Evaluation and Review Technique (PERT) is a project management tool used to estimate the duration of a project by analyzing the time required for various tasks.

Project Management

The practice of initiating, planning, executing, controlling, and closing the work of a team to achieve specific goals and meet specific success criteria at a specified time.

Central Limit Theorem

A statistical theory that states that, given a sufficiently large sample size from a population with a finite level of variance, the mean of all samples will be approximately equal to the mean of the population.

Simulation

The use of a computer model to replicate the behavior of complex systems in order to study their properties or predict outcomes under different scenarios.