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The Hadleys Ran a Flourmill in Gloucester

question 27

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The Hadleys ran a flourmill in Gloucester.The crankshaft attached to the steam engine in the mill broke, causing the mill to shut down.The shaft had to be sent to a foundry located in Greenwich so that the new shaft could be made to fit the other parts of the engine.Baxendale was a common carrier that transported the shaft from Gloucester to Greenwich.The freight charges were collected and Baxendale promised to deliver the shaft the following day.It was not delivered for a number of days, however, and as a result, the mill was closed for those days.What will be the critical issue in determining whether the Hadleys may recover their lost profits for the time the mill was closed?


Definitions:

Confidence Interval

A scope of values, sourced from statistical analysis of a sample, that is believed to contain the value of an undisclosed population parameter.

Margin of Error

An expression of the amount of random sampling error in a survey's results, indicating a range within which the true value lies with a certain level of confidence.

Parking Fees

Charges applied for the use of parking space for vehicles within a designated area or facility.

Normally Distributed

Describes a distribution of data that follows a bell-shaped curve, characterized by its mean, median, and mode being equal.

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