Mark, a Civil Engineer, Entered into a Contract with David

question 2

Multiple Choice

Mark, a civil engineer, entered into a contract with David. As per the contract, Mark agreed to design and build a house for David for a specified fee. Mark provided David with an estimation of the total cost and the contract was mutually agreed upon. However, during construction, when Mark increased the price stating a miscalculation on his part, David refused to pay the amount. This scenario is an example of a _____ mistake.

• A) mutual
• B) collective
• C) collateral
• D) unilateral

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Definitions:

Confidence Interval

A set of numbers, coming from the statistics of a sample, which probably includes the value of a parameter from a population that is not known.

Sample Proportion

The fraction of the sample that represents a particular category or characteristic, often used to estimate the proportion in the larger population.

Point Estimate

A single value or statistic used to estimate an unknown population parameter based on sample data.

Population Mean

The mean value of every number within a given population.