When a Contract Is Incomplete, a Court Will Not Look

question 74

True/False

When a contract is incomplete, a court will not look at industry standards to complete the contract unless the parties had agreed to follow standard industry practice.

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Definitions:

Seasonal Factor

Variations in demand, supply, or other business indicators that occur at specific times of the year.

Forecasting Method

A process used to predict future values based on past and present data, often utilized in finance, weather prediction, and supply chain management.

Systematic Component

The part of a process or series that can be directly linked to specific casual factors, showing predictable patterns over time.

Random Component

In statistical models, the part of variation that cannot be attributed to any identifiable factors and appears without a discernible pattern.