A Third Person Dealing with the Agent of a Disclosed

question 22

True/False

A third person dealing with the agent of a disclosed principal ordinarily intends to make a contract with the principal, not the agent.

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Definitions:

Type I Error

The error that occurs when a true null hypothesis is incorrectly rejected, commonly referred to as a "false positive."

Alpha (α)

A threshold value used in statistics that represents the probability of incorrectly rejecting a true null hypothesis (Type I error).

P-value

The probability of observing a statistical summary (for example, the difference in means between two groups) at least as extreme as the one observed, under the assumption that the null hypothesis is true.

Null Hypothesis

A proposition in statistics that implies no association or difference between groups or variables.