If No Time Period for Performance Is Specified in a Contract

question 20

Multiple Choice

If no time period for performance is specified in a contract:

• A) the contract is unenforceable.
• B) time shall be of the essence.
• C) a reasonable time for performance will be implied.
• D) the time for performance will be ignored by the courts.

Discuss the rational decision-making model and how it can be violated or adhered to.

Understand the role of emotion and mood in promoting certain types of decision-making strategies.

Comprehend the mechanisms and approaches to prevent escalation of commitment to failing projects.

Recognize the factors that contribute to poor decision making, including stress and group dynamics.

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Definitions:

EQ

Emotional Quotient, a measure of a person's emotional intelligence, indicating their ability to sense, understand, and effectively apply the power of emotions to facilitate high levels of collaboration and productivity.

Efficient Use

The practice of using resources in a way that maximizes productivity while minimizing waste.

Objectives

Specific, measurable goals that are aimed to be achieved within a certain timeframe.

Strategy Plan

A comprehensive plan that outlines an organization's direction, objectives, and the actions required to achieve these objectives.